Superb result. The lesson to take here is that high quality...

Superb result.

The lesson to take here is that high quality companies quickly bounce back from temporary setbacks (FY2017).
Back to solid organic growth from the existing businesses, solid contribution from Enoro.

What I like most, and this is repetitive behaviour from Hansen over the 10 + years I've invested, they are able to integrate acquisitions quickly and use the extra operating cashflow to promptly repay the debt, then rebuild a cash pile.

1H18 free cashflow over $20m.


Net Debt 1/7/17 $31.8m
Net Debt 30/9/17 $25.1m
Net Debt 31/12/17. $17.1m

Sure, pretty small dividend, but it is the return on equity of 20% with minor debt that is the Jewel here. Well done to those who had the conviction to top up below $3.50, doubt we'll see those levels again.