Ann: FY18 AGM Addresses, page-2

Well worth reading the Chairman's report for the AGM. Some refreshing honesty about where the company has come from and it's strategy for the future.

It is heartening to read that the prospects for organic growth is significant and that they are 'agnostic' to acquisitive growth. It is clear that profitability rather than profit is driving investment decisions. In other words the return on shareholder's equity is more important than simply being bigger.

Notwithstanding the usual uncertainties about 'global events' the forward looking statements in the presentation and MD's comments for each division are fairly bullish. "organic growth and ongoing efficiency improvements are expected to result in further increases in revenues and earnings in FY19" is a pretty clear indication that 5 months into the financial year things are tracking well.