Any thoughts from holders?If you exclude the one-off costs from...

Any thoughts from holders?

If you exclude the one-off costs from FY18, underlying NPAT rose 17%. Currency tailwinds added about 4% to annual revenue and would have slightly inflated the NPAT line (because bear in mind the US operating expenses would also have been higher in AUD terms). All in all though - a solid result.

What I find most impressive is the amount of cash generated ($12.7m free cash) despite the heavy capex program that has been underway. Hence the special 3c dividend. AND, something like $9m of R&D has been expensed without any capitalisation, that's a rarity amongst ASX stocks particularly anyone in the manufacturing space. This treatment is well worth taking into account when considering the company's valuation.

I'll be interested to hear on Monday's conference how the OEM program is shaping up for this year and next, and what's in the pipeline for PWH to lease the additional property? Hopefully more diversification into emerging technologies...