Ann: Half Year Results Released, page-3

Good to see the numbers that add context to the market update in November. They must have hit the right note in that previous announcement as the market took the jump in earnings and revenue in its stride today. It seems dividends will be considered in light of a full years financials for now. This is prudent as there is a stated willingness to pursue growth opportunities. The net cash position and the Elph facility give the company considerable scope to make a substantial acquisition or undertake meaningful expansion.

Margins for all divisions are very healthy and at the upper end of historical benchmarks, This is a credit to management, however profit growth will need to be driven by revenue from now, but that's ok.

The outlook is slightly tempered but it is probable that a "moderated" performance for the rest of the year is a reminder that the current rapid growth rate cannot continue into perpetuity. My read is that there will be material growth for the full year and the second half on a prior period basis. With a lack of financial forecast we can no doubt expect a market update as June approaches. Will be interesting to see in the next 6 months whether any of that excess capital is put to work.