True to Reece's prudential style, this is another understated...

True to Reece's prudential style, this is another understated and conservatively presented set of financial statements.

They say NPAT grew by 12%, but really, when you analyse the result, the growth was more like 24%.

The business continues to perform like it has done for many years: impeccably.

And with the big investment in making the supply chain more efficient now coming to an end, the financial benefits of this investment programme, plus the non-recurrence of the costs associated with it's implementation (which have been booked in the past 12 months), will see FY2017's bottom-line growth end up somewhere in the mid-teens, by my reckoning. And the company will be debt-free again at the end of the year.

Verily, a thing of beauty.

Next time to think about the stock is a the full-year result.