Ann: Grange Full Yr Statutory Accts 12 Months Ended 31 Dec 2017, page-19

Agree. IMO this FY17 result was "sandbagged" with lots of noise in the numbers. GRR effectively ran FY17 on almost 3 legs or less then finished Q4 with robust profits / high utilisation. Last minute end of year shipment delays and other areas of padding created to retard - cap profits. Should be interesting next 4-5 weeks for Q1 2018 as margins high and demand strong thus . Maybe M& A activity around the corner with China environmental regulations only strengthening GRR market position and Southdown high quality resources in the mix for one of lower quality miners to invest in and or acquire.