Ann: FY22 Interim Results Presentation, page-2

Given the company states that COVID-19-related trading restrictions were more severe in 1H 22 than 1H 21, it's difficult to compare performance.

In new motorcycle sales, the company seems to have lost market share, but this may well be due to the geographic distribution of its stores and hence temporary trading cessation as above.

Despite the SP having dropped a little since I recently purchased, this company remains well run with opportunities for sensibly priced, good fit and hopefully over time accretive acquisitions. Scrip turnover is mostly at low levels so it's not as if many holders are rushing to sell. This may suggest most see a reasonable or better future.

My perception is Australians remain reluctant to travel overseas and many even interstate by air, not just due to Ukraine but because of leftie State politicians whose past behaviour in restricting our freedoms (and continuing this hobbling in some cases, the worst being Victoria and WA) implies that they can't be trusted not to again hinder our freedoms. The Ukrainian situation will dissaude some from that once-in-a-lifetime extensive European trip.

Hence, higher savings from nil or fewer interstate/overseas travel means more spending on recreational pursuits facilitated by motorcycles and similar conveyances.

As the company briefly opines, it's difficult to see supply chain costs and challenges decreasing during the remainder of FY 22.

January 2022 trading being less than ideal is concerning, but who knows, the better times being experienced thus far in February may overcome the poorer start to 2H 22, especially if trading remains pleasing in March to June 2022.

The dividend has risen significantly so that will be welcomed by smaller retail investors.