Everything at or above expectations, except the precautionary write-down of $1.4 million for the remaining (conditional) portion of the Minerals Division sale price. That $1.4 million should be released maybe FY07.
Looking ahead, FY06 revenue forecast at $55 million, and I estimate EBIT margin at 12.5-13%. Thus EBIT, excluding any accounting adjustments, should grow by around 30% over FY05.
After allowing for the Samchem purchase, cash inflow from disposed assets should be over $4 million in the first half, allowing for debt reduction / increased equipment purchase. Absenting another acquisition, this should allow a divvie of 1-1.25c in FY06.
Not something for day traders, but stock with good earnings growth and only fairly moderate risk profile.
angus
annual results in - looks good
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