good summary Madamswer. Been quite a while since we had a really strong result from ARB. Eg, NPAT got to $38m in 2011, 5 years later only a bit over $47m. And not going to show much growth this year either. But we shouldn't forget that 83% of external sales are still in Aust - and they are still facing headwinds here. Their commentary said WA still went backward in the most recent half, and flat in a number of other states. They continue to build the offshore business - and these things almost always take longer than we might think (MHJ provides a neat illustration of this, IMHO). Eventually, I think, greater success should come.
They continue to do the important things well (eg, operating cash flows were really good), and manage for the longterm - they are fantastic owners/managers. Against that, I was a bit surprised to read of the industrial trouble in Thailand - but resolution of this still saw employee costs rose more slowly than sales (as they should, IMHO).
I've been a v long holder, so have more reason than most to remain very positive on the ARB management and potential, and happy to hold. Less patient holders may sell however.
ARB Price at posting:
$15.64 Sentiment: Hold Disclosure: Held
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