There are very few companies in which I have a holding where I'm...

There are very few companies in which I have a holding where I'm not compelled to immediately check their financials when they report during this busy time! SNL is one of those companies. Sadly, most of the others I need to acquire some level of comfort and reassurance by looking over their reports hastily upon release.

So as pointed out by other holders we've seen a solid 2H2017, and hopefully you're right Madam and we are yet to see the complete benefit of a full year impact of the new DC in Sydney. When you think that the EBIT margin in Australia peaked at 15.3% in FY2015, dropped to 7.6% in FY2016 and is now 9.9% in FY2017, that gives us some perspective of how much upside can be delivered leveraging the infrastructure.

Similarly in NZ, EBIT margins have been on the rise from 11.8% in FY2012 to 13.5% in FY2017 as capacity constraints have started to arise out of Auckland. Margins typically have been higher in NZ probably reflecting less competition in the key markets.

While op cashflow in 2H2017 wasn't as strong as 1H2017, I think we can understand management's inclination to continue to build out the product range and inventory depth as a competitive advantage - no reason to doubt them that I know of.

All in all things are moving along smoothly here, love to hear from anyone who is able to get to the AGM.