Ann: Full Year Statutory Accounts, page-4

I’m always very impressed with Martin and Graham. the business seems very prudently run by excellent managers.

the lag between cost pressures and prices rises does cause a bit of short term margin pain. Their freight costs are skyrocketing and the new business is lower margin, but they do seem to have pricing power and so it will work it’s way out in the wash eventually.

I’m a bit annoyed that they persist with the drp discount, but I guess they would argue that any extra cash that spares or reduces future raisings will save the company bank fees which the Drp’ing shareholder will get rather than the bank.

anyway maintain a happy hold. In the next 6 months it drops back down towards 10 I’d add again. Solid 5% ff dividend to offset the boredom.