Great result in my opinion but really just a consolidation year not an and to the growth .
The ability to increase revenues and EBIT margin to 9% were the highlights for me .
The fully franked div of 1c was higher than I thought , but ony a 50% payout ratio on NPAT which is conservative and does confirm the debt reduction/ dividend compbinationis the focus
Hopefully we can see this continue towards the 3 year target the board discussed ar the 2012 AGM , and that is a goal to get towards $50m revenue at a EBIT 15% margin occur
NO doubt this will require at least 1 more acquisition of some size , but the NSW and Queensland sales are still very immature and offer lots of scope for growth now they have the model right
Would not be surprised to see the stock break up towards the 12 month highs again on the back of this very solid result
PGC Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
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