With their major offshore markets - UK and USA - effectively shut for business for much of the past 6 months, I was bracing for a far worse result.
(How they actually achieved that result will only be known when the full set of accounts can be scrutinised.)
But what is evident is that this business now has a significant proportion of its fixed cost base domiciled offshore, which is somewhat different to previous occasions when the A$ strengthened.
Which means that the business is far more naturally hedged against exchange-rate volatility than it has been historically.
Of course, it means that when the A$ weakens, the free kick SDI's earnings receives is a lot more muted.
But overall less volatile earnings means better quality earnings.
.
SDI Price at posting:
80.0¢ Sentiment: Hold Disclosure: Held
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