some good comments and insights already (except perhaps...

some good comments and insights already (except perhaps madamswer's suggestion he might asks the execs to resign ... really? ... I know, I know, you were just emphasising the point they can't seriously entertain a special dividend for the forseeable future)

i was pleased with the result. I've been frustrated in recent times by the slow sales growth - this result was much better. There was little state by state commentary - as discussed here previously - a pick-up in the mining states might benefit ARB. The export numbers were good, IMHO.

I'm not sure the offshore segments are ever going to disclose consistently strong profits ... one would expect ARB to prefer to report profits in Aust (where the taxes paid generate franking credits which can shield dividends) or where corporate taxes are low. Those actions would maximise shareholder value, not high earnings in every segment.

The most important indicator of success of the overseas expansion is generating incremental sales, which are profitable to the entire group, leveraging the product development ARB makes. On that score, the strong sales growth in all offshore markets was v. pleasing, and the outlook positive. We have to trust the board and mgmt won't dilute their own returns by chasing overseas expansion just for the sake of it. And with ARB's track record, i wouldn't suggest it.

Working capital was a little disappointing, but mgmt justified their approach. Plenty of additional investment too, which is encouraging. GLAH