Well Adam, even the parts of the business that you have described as non moat (in general terms) have grown, not that we can know if they had to cut margins until the results, but it seems there was a bit too much concern over Masters, which was a one off anyway.
The "non Paint and Coatings" had been barely growing at all, I'm not sure if there was some other reason for the slow growth at the revenue level in FY16, didn't notice any little acquisitions or divestments, but the revenue trend wasn't looking so great there. So for my short term purposes this appears to be a subtle bit of relatively great news.
DLX Price at posting:
$6.10 Sentiment: Buy Disclosure: Held
