Ann: FY24 Investor Presentation, page-2

The sales outlook in Australia is not wonderful, as it softened in 2H 24.

It was impressive that REH paid down A$207 million of debt in FY 24.

Sales in FY 24 rose below the inflation rate in Australia, so a slight decrease in real terms. That's about the best one could expect in the current environment.

While as always REH is cautious in what it says re the next financial year, I get the impression the outlook in the USA is better than in Australia and New Zealand. This is despite Labor governments in Australia supposedly realising the urgency of having more houses and apartments built. The reality though is with construction costs having significantly increased, and some builders going into administration or being liquidated, plus labour shortages, there isn't any sign of these targets being met.

Very good that REH has invested in new DCs in Auckland and Texas.

It's excellent that the rollout of the Reece brand will shortly be complete in the USA. This is ahead of what I expected. Well done.

REH doesn't ever pay a high dividend but it's up four per cent, so reasonable.

Unlike some other companies such as WES, REH's overseas expansion (into the USA, v. WES' failure in the UK) shows every sign of being successful. This is a compliment to Peter Wilson and the entire REH management.