Finally it's worth noting just how good the MRO part of this business is. Part of why I was attracted to this company was that I could see the very good MRO business progress was being masked by the choppy IAP and Leasing businesses. I think the IAP business is great but is likely to just chug along at current earnings. The leasing business has great potential. But if you just take the MRO business (Brisbane + PTB Florida) you get the following NPBTFX figures (pre-head office overheads):
FY17: $3,019k
FY18: $4,068k
FY19: $4,477k
FY20: $5,596k (assuming $0 full year profit for PTB Florida - 1st half was -$21k)
Now they are bringing this expertise and ability to grow MRO stuff to the US market. There is serious growth potential over the next 5-10 years through further MRO growth (organic and acquisition) + ramping up the leasing business which was just getting some momentum before COVID put a halt on deals. They suggest in their full year materials that several deals are in the pipeline here.
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