The free cashflow has for a long time been greater than the...

The free cashflow has for a long time been greater than the reported profit and there is a free kick from improved lending terms and concomitant reduction in debt that should pass through to the accounts over the next year. The most pleasing thing is the increase in work in hand from 2.7m to 4m over the last 2-3 months which suggests a potential nice period of growth forthcoming and I think SRH has been through enough lean times to allocate capital well in this next few years. It is important to note that top line growth was still 6-7% last year despite discontinuation of major revenue streams do the accounts do mask a lot of underlying improvements.

I only managed to acquire a very small position over the last 2-3 months because it is so hard to acquire stock without pushing the price up and because I was concerned about the visibility of revenue moving forward...I probably should have bought more in retrospect..