2H2014 NPAT rose 4% on 2H2013, so we're back to growth in earnings. (thanks largely to export sales growth of 14%).
What is interesting is the ramp up of R & D spending in FY2014, up by 30% to $4.6m. This is how they keep ahead of the imitations, by continually building better products.
Other pertinent points:
* The company has invested $31m on new infrastructure (mainly warehouses) in the last two years, a concerted effort to fund the next phase of growth.
* The company is happy with the new facilities just opened in Florida and the Czech Republic.
* Tough selling to OEM's, but evidence suggests in 2H2014 that the bleeding is slowing.
* Franking credits and cash are high and I am confident of a special dividend in 2014/15 - will maintain the pattern of every five years.
* Looking at the accounts, the boost in earnings from overseas appears to be lowering the effective tax rate.
Directors remain positive, and that in itself is good enough for me!
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