I agree with all of that.The rows of negative numbers looks...

I agree with all of that.

The rows of negative numbers looks jarring and disappointing at first glance. I'm not sure what I was expecting?!! The more I read through everything though, the less bad it sounds. I know Ord Minnett was forecasting a drop in earnings. I'll be interested to go back and compare our results with their projections from before Christmas.

$1.95 per share as I write this. I was expecting lower. Hopefully my expectations do not materialise!

I like their branding initiative. It would be great to hear more about the Grafton consolidation site opening in April.

Rates are almost certainly going lower from here rather than higher. We've been treading water financially on the back of commercial construction. Immigration is out of control. At some point residential construction will go gangbusters and we'll be ready to take advantage of the opportunity.

I like how gearing has fallen again. We've been very disciplined with acquisitions. It would be a lazy and easy way to increase revenue. No growth for the sake of growth.

I am looking forward to the investor call later. I continue to get the feeling these are conservative and rational people who are managing a business in cyclical industry prudently. Great company.

It is all about waiting for a rebound in residential construction.