Aptly described by the company, there has been "Satisfactory growth". In line with my estimate of 8% underlying earnings growth, though cashflow on the weak side with the build up of inventory of new products.
Although retail margins are thin in the US and Europe, the production margin certainly makes the expansion in export markets well worthwhile.
Further to Travelight's point on the small acquisitions, not only are these high margin acquisitions, but they are showing an annualised ROE of 41%. This has been a recurring theme. I recall the chairman telling me how they picked up the Cairns ARB store for a bargain price as it was so poorly managed.
All in all, plodding along nicely.
Aptly described by the company, there has been "Satisfactory...
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