Today's AGM speech by CEO of XRF shows company has made a strong start to FY13. Sales across all 3 divisions are up substantially on PCP. Consumerables up 13% to 2.6m, Labware up 26% to 3.9m, Capital equipment up 23% to 2.7m. Importantly margins in latter division have increased significantly. Hence an exc start to FY13 and it could be maintained as several mines are opening and expected to buy from XRF. XRock has still to begin selling but company remains +ve. I'm expecting earnings to rise some 25% in 1HFY13 and a div of 0.9c. Expecting total div of 1.8c for full year. A pity XRF diluted with an unnecessary CR in FY11 as we would be 2c/share divs this year.
XRF Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
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