Ann: FY24 Investor Presentation, page-24

It is funny about WES and the Bunnings UK debacle, but in a nutshell, they had a sound plan (incremental rollout). However, when they got there the plan was thrown out the window and they made it up on the go (haphazard, change everything). They also sent across their lesser talent to make it happen, which the people on the ground couldn't!

The current management at Bunnings are quite different to the previous leadership under John Gillam, so it will be interesting to see how that looks in a few years. We will see if they can manage to stuff it up.

That's what I love about Reece and its steady hand approach to growth.

The dividend has never been high, but that is the thing that investors forgo as the money has been ploughed back into the business to fund growth.