starting to buy again, page-11

The first half 2014 outlook statement at the AGM was disappointing, I expected an improvement on 1H2013 but that will not be eventuating.

I have taken a pounding on my investment here yet my focus is not so much on the returns from manufactured accommodation at Sea Ripple and the newly built Osprey (which as we know is feeling the heat!), but how the RV division is travelling - this remains a VERY valuable established division to the company particularly when considering the demographics of an ageing population. This market is currently soft, but that is transitory.

I have been in contact with the CFO and he confirmed to me that FWD believes it is gaining market share in caravans using locally made and imported product. I feel heartened by this as I believe FWD has a competitive advantage in this area as they tailor their products to local demand preferences.

The outlook remains weak and who knows where the share price is headed. But I believe management ARE acting in shareholder interests, debt is being used in the short term and no equity dilution is taking place. I think it is right to watch cash flow, and I wouldn't be expecting a dividend for 12 months.