Solid results, largely as expected given the exceptional housing...

Solid results, largely as expected given the exceptional housing market. Margins were disappointing. House prices are back to all time highs yet their gross margin is well below historical levels. They mentioned clearing some crappier projects and SA and QLD. They also took a $1.8m write-down on two SA projects.

Decent level of presales for FY22 settlement (about 1/3 of FY21 revenue). Outlook is "positive". Overall I'd say they've once again delivered operational mediocrity with results boosted by a strong macro backdrop. There is a reason why this stock has traded so cheaply for many years now.