Ann: Appendix 4E and Financial Report, page-3

A good report in my opinion, and a pleasure to read. The return to underlying profitability in the last quarter is a highlight, but I think there's quite a lot to like.

The renewed focus on innovation is good to see - they spent nearly $300 000 on product development (compared to just $12 898 in the previous year) - and they've got runs on the board with the ironman hybrid.

They're looking at export opportunities - also good to see, and I suspect the chairman will make sure this is done in a measured and careful way.

All up, the vibe I'm picking up is one of a company that has acknowledged past mistakes, has decided to return to its core strengths, is carefully identifying opportunities and is steadily but confidently implementing its strategy.

The balance sheet continues to strengthen, albeit from a low base. And I think they've got a good management team with a broad range of complementary skills.

A good turnaround story it seems to me.