mostly okay, but...

Overall, reported annual results for 2012 were acceptable in the present conditions.

Of particular concern, though, is the continuing poor performance of Viridian.

In relation to capital management, the payment of a fully franked dividend of 7 cents is welcome; as is the on-market buying of shares for the Dividend Reinvestment Plan (DRP).

However, it is concerning that there will be no franking credits with subsequent dividends which management expects ” to continue for some time”.

It is also concerning that the net cash position has reduced over the year from $142.3 million at the start to $55.8 million by the end of the year. This means the company will not be as well prepared to take advantage of any cash (debt-free) acquisition propositions.

I would like to see the company diversify its operations beyond making a narrow range of building products when opportunities arise.