good summary Madamswer. Been quite a while since we had a really...

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.