Ann: Half Yearly Report and Accounts, page-3

buc, in my view SRH has delivered another fine half year. Every key measure continues to move in the right direction - sales, profitability, cash flow and debt.

This is despite the setback of losing the licence for the Omni bollard in July - which was 12% of last year's sales (and I'm guessing an even greater % of profits). Without this unforseen event they would surely have achieved a substantial half year profit.

Gearing dropped 2 percentage points to 22%, so they are now quite well placed to withstand a hefty jump in interest rates.

The company is on a sustainable footing. It has an excellent management team with loads of skin in the game. And it is successfully pursuing a large number of growth opportunities. The exceptional turnaround continues unabated. The share price doesn't come close to reflecting this situation imo.

Your thoughts?