A great result. Even more importantly, the outlook appears...

A great result. Even more importantly, the outlook appears excellent.

At $1.371m, EBITDA came in above the top of the forecast range ($1.0 to $1.3m).

For me, the key words in the report were from the chairman: '...the recovery momentum is evident from our financial and innovation successes.' The results for the last 5 years certainly bear out the financial momentum (p. 14 of the report).

The company's outlook is stronger now than it has been at any time in the last 5 years imo - eg. order book strong, committed road infrastructure spending strong and all of the company's product categories firing. The OmniStop bollard for pedestrian safety alone could be a huge winner - here and offshore.

In my view, the company has only just started to reap the rewards from its ongoing and substantial R&D spending and its investments in establishing export markets.

With earnings per share of 1.9c and today's share price (26c), SRH's PE ratio is just 13.7. That's cheap imo, given the established financial momentum and strong outlook.

I've said it before but I think we have a great management team - stable, lean, diverse, complementary skills and plenty of skin in the game.