solid result, with excellent cash flow growth the highlight for...

solid result, with excellent cash flow growth the highlight for me (despite strong adverse increase in trade receivables - nothing untoward based on ageing increase).

But it was also interesting (to me at least) to compare ARB's sales growth of late.  In May I did this table during a discussion about ARB's growth rates (https://hotcopper.com.au/posts/24482529/single)- and my desire to see faster growth.  I've updated the table for the most recent results.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		FY2016 vs FY2015 (12 months)	1H FY 2017 v1H FY 2016 (6 months)	Q3 FY2017 v Q3 2016 (3 months)	FY2017 vs FY2016 (12 months)
1	Aust aftermarket	6.2%	5.2%	5.8%	4.6%
2	Exports	12.6%	12.1%	10.8%	14.3%
3	OEM	12.2%	-1.5%	-5.7%	5.3%
4	Total	8.2%	6.2%	6.2%	7.2%

For those like me who wanted to see exports growing - as this is key to ARB growing faster - Q4 was very good news.  Q4 saw fast export growth
but the growth rate in Australia aftermarket (66% of sales) slowed further.