Ann: FY 2018 Half Year Announcement, page-3

"It's all starting to look monotonously easy...
I sense we are being lulled into way too much comfort..."

Like all Reece results, this one reeks of continued investing for growth.

Every time I analyse a Reece profit result, all I get is an overwhelming sense of unrelenting investment in the business to enhance it competitive position in the market.

I suspect the people who manage Reece's competitors must feel a sense of despair every time they look at what Reece is doing to get further and further ahead of the pack.