Ann: FY2022 Results Presentation, page-2

If FY22 acquisitions were excluded, like-for-like 'business as usual' work grew by 24.6 per cent which is impressive.

The one area where JLG has had problems - commercial construction - sees the Board deciding to lower the risk profile by changing the type of contracts accepted.

Stellar growth in insurance-related work such as building rectification.

Increasing respect from state governments for JLG is important.

The most pleasing comment of all is on page six where JLG states 'good access to trades'. The company doesn't go into huge detail but the omission of a mention such as 'we encountered difficulty in sourcing sufficient tradesmen' is a good sign.

While the jury may still be out on JLG's ongoing expansion in the USA through Steamatic and Reconstruction Experts, early signs appear pleasing.

Maybe JLG will be similar to plumbing supplies behemoth REH (I also hold) that appears to be doing well four years into the latter's USA foray. Not all companies that have expanded overseas have been successful: WES' move into hardware in the UK was a failure.

JLG's dividend payout ratio of just under 60 per cent may be criticised by some, but goodness, we're receiving outstanding capital growth in our shares.

I like how a key Director is now based in the USA, and especially how Directors typically own many shares in the company. Alignment of interests with peasant retail holders.