Management outlined that the underlying level of organic growth...

Management outlined that the underlying level of organic growth in the industry is estimated at 5-6%, versus over 8% for Toll. Toll commented that they remained interested in Asia, seeing a range of acquisition opportunities.

Toll’s New Zealand operation have had a very encouraging start. There has been a major cultural change and completely different way of doing business. Toll is focussing on growing the business through forging close working relationships with customers.