I hold. Seems like an "on track" result and good to see ROIC at...

I hold. Seems like an "on track" result and good to see ROIC at a level which should cover the cost of capital. Also good to see the borrowing arrangements fixed until 2010-2013.

The steady growth in revenues achieved over many years suggests they are very underpriced at current levels, but now that we have had the annual result, there is really very little to drive this stock for a while in this market. There are plenty of small caps around with yields over 10% - I suspect the special div was put in largely to put downside cap in place to the share price, as dividend yield is likely to be the strongest prop left to share prices in the under $50m market cap industrials.

When the market bottoms, stocks like CKL will get a big re-rate back to P/E's above 10. IF resources stay soft for a while (as I suspect), more speculative money will "discover" small-cap industrials which have suffered from horrendously low liquidity in recent months/years and this could happen sooner than expected.