Stayer, I think patience is the order of the day. These guys are...

Stayer, I think patience is the order of the day. These guys are already delivering - on all fronts.

Re how much effort and resources to put into the US market relative to the Australian market, exports are a delicate balancing act. They need to be careful not to overextend themselves in the US, while at the same time keeping a foot in the door to take advantage of any opportunities as they arise. It seems to me that’s exactly what they’re doing.

They are positioning themselves for the regulatory changes for temporary barriers which will come into force in December 2020 – still more than two years away. There will be plenty of competition when the time comes, so I’m sure they’ll be setting themselves up to compete on quality and/or price. A weak $A would be helpful on the price front – it would boost the returns on the value-added component of their exports.

In the meantime, the outlook for the Australian market is reasonably strong and they’ve already demonstrated they can make money here. Australian sales are their bread and butter – exports have the potential to provide some icing on the cake if they’re prudent and nimble. The last few years they’ve demonstrated that they are prudent and nimble – it’s a winning combination and small companies such as SRH have plenty of advantages on the ‘nimble’ side of things.