The company reads well from what they stated at the AGM. Points I like:
* Organic growth was strong in all three divisions. * Consumables: Sales for 4 mths to end Oct up 13%, expansion into new geographical areas being worked on (Russia & Brazil). Product use is linked to production volume (of miners) and with new mines / expansion coming online volume should continue to grow (in current geographical areas - quite apart from possible success in new regions). * Precious Metals: Sales for 4 mths up 26% - although they temper this by stating for lower margin business. * Capital Equipment: Sales for 4 mths up 23%.
All up, I would be thinking they are looking for healthy increase in profit for this half noting they gave an indication of performance to October and have said nothing since to water that down.
APJAPJ - not sure what borrowings you're talking about! At balance date they had as little debt as you'll see anywhere (probably leases for computers, cars, and the like) plus over $6M cash in the bank. Their balance sheet is in very good condition.
MJS
XRF Price at posting:
31.5¢ Sentiment: LT Buy Disclosure: Held
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