Cashflow was a standout for FY11, with around $10m due to timing...

Cashflow was a standout for FY11, with around $10m due to timing benefits.....i expect cashflow to be a highlight again for the 1H12 as this is a key focus for the business. I expect a good cash result for the 1H12 and a net cash position would surprise the market.

Margin deterioration reflects the plateuing Contract Solutions business, while the Building Services business continues to perform well and acqusitions in Maint & Servicing (ie Burke Air) will only enhance margins going forward.

This stock is a sleeper, i've been watching for +18-months and will be surprised if its not closing on on 50c a share in the next 6-months. Prodictivity not an issue.