One thing that's consistently impressed me with SRH is the...

One thing that's consistently impressed me with SRH is the 'straightshooter' nature of the company's communication with shareholders and the broader market. Today's announcement is no exception - they're simply reporting things as they are (as they did in their latest half year report).

The market's initial reaction to the news of a relatively minor downgrade in their forecast for sales and profits this year seems a tad harsh to me. SRH still expects to be profitable this year, despite a slowdown in sales in some areas and despite the significant costs they're incurring to underpin future export-driven growth.

The board's medium-long term focus is a key reason I rate SRH highly. Over the last five years or so, the board has consistently demonstrated their longer-term focus by, for example, the substantial (and ongoing) investments in R&D and laying the groundwork for significant growth in overseas sales. That's what I like to see - a board with its eyes set firmly on the future.

In my view, investors who share the medium-long term vision of the SRH board will be well rewarded - and any dips in the share price probably represent decent buying opportunities.