Ann: Half Yearly Report and Accounts, page-4

Well, there I go again. I always tell myself “you have enough SRV”, and then the price falls a bit further and I simply can’t resist another buy! So 3,000 more and now I have 20,000. It “seems” compelling to me. A market cap of 290 million, versus free cash flow of 60 million per annum, NPAT over 30 million AND a cash balance of 110 million. Absolutely no debt. I know…recession is likely coming, it’s unclear how severe, but what sort of train wreck is expected that justifies this share price? SRV has come through recessions before, and can actually use them to expand. Interestingly and encouragingly, some institution bought 670,000 shares last week…so I’m not the only one that can’t resist what seems to be great value on offer. Dividend is over 6%. Company has made no announcement to suggest any threat to coming resukt, initial forecasts for which were quite encouraging. I just don’t get it!