Ann: FY22 Investor Presentation, page-2

This result beats the market consensus but will 'Mr Market' tomorrow continue in a savage mood and mark REH further down (after two trading days of losses) due to the highlighted comment that REH is 'preparing for a softening' of business conditions? 'Mr Market' typically looks fowaqrd six to nine months so he may pay a lot of attention to those four words.

While I am not an accountant, the headline metrics look great, with NPAT rising an amazing 37 per cent, and EPS the same. Meanwhile, the dividend total and the latest one have risen 25 per cent, although REH is not a huge dividend payer by any means.

The comment about significant (staff) absenteeism towards the end of FY 22 is concerning. Is this moderating?

The USA rise in store numbers from 189 to 204 is great, and the sales rise there excellent. Australia/NZ with 645 stores, only up three, is a more 'mature' market for REH so the sales uplift was smaller. I'm unsure if we know how much of this was simply price rises due to inflationary pressures.

It's an historic occasion for REH as the Chairman is stepping down. As the Founder, we owe him a debt.