I think what we need to remember is that ARB is run by a high...

I think what we need to remember is that ARB is run by a high quality management team who have been there long term, are well invested in the company (original owners) and have a long term view. They are not swayed by short term movements in trends or other short term "distractions".

Because of the release of a number of new vehicles (including new Hilux, Triton, etc, which are a core area for ARB), their long term product development as been put on hold, as per Slide 28 of the presentation. New long term products are central to the continued growth of the Australian business. Historically, when ARB release something new, it is high quality, tested and well received by the market.

Marketing is mentioned a few times in the slides. They have really outdone themselves in this area. In the past five years they have continued to market and brand ARB extremely well, in my opinion. The free ARB quarterly magazine (see the online version on the website) is world-class quality. The branding of "Summit Bars" and the like differentiate ARB from regular bars and also the design and engineering in the new bars has allowed them to stop the "China knock-offs" from coming into the country.

I don't care to speculate too much but the USA growth prospects are where ARB could expand more. They have recently had a push to get more products designed for the USA-only vehicles and with the two warehouses working well, possibly the next step would be a manufacturing facility in the USA. They have stated that both Melbourne and Thailand facilities are working at a high capacity, so either these need to be expanded or a third facility may be required. But, I am sure the company is miles ahead of us in how to ensure the long term effectiveness of the company though.

Good times continue to be ahead.