Ann: Annual Report to shareholders-REH.AX, page-5

JH16 Pre-Tax Profit up 24% on pcp (which, in turn, was up 19% of its pcp) [*]
Which is an acceleration on DH15's already-impressive 20% increase in Pre-Tax Profit (itself cycling a 23% growth base)

(To strip out the effect of a lower Interest bill, JH16 EBIT was up 22% on pcp, ahead of DH15's 18% increase)

Compared to my modeled forecasts, EBIT was 12% higher and NPAT was 11% higher.
(Although that is as much a comment of my limitations as a financial modeller as it is about the performance of the business).

Net debt down $100m in the past 18 months since the peak following the Actrol acquisition. Back to net cash position in the next 6 months, no doubt.


I'll stop there, lest the mutual congratulatory back-slapping induces bouts of nausea in some readers.


[*] I took the liberty of checking; this is the fastest pace of growth since JH04, although that reflected an increase off the recessionary base the FY2003 year.