Ann: Half Yearly Report and Accounts, page-3

The business is moving along nicely with Profit growing faster than Sales. The report, typical of Reece, is very concise and very easy to understand.

It's business as usual and this means there is nothing interesting to highlight.

For those who are new to REH, the only interesting observation that I can come up with, is the period of directorship of the directors. The six directors' period of service is as follows: 46, 45, 31, 18, 13, 7 years. The grand total is a massive 160 years and the average is 26.6 years.

If any fellow HC members knows any other company whose directors have higher average than REH, please let me know. I would like to learn more about the company.

What this super long period of service means is, these guys really understand the dynamics of plumbing business in Australia. The no. 2 player in the plumbing industry in Australia is Tradelink, Tradelink is part of Crane Group, who is part of Fletchers Building.

REH is run by family owner operators who own a $2 billion stake in the company. Tradelink is run by salary men/women, who has ZERO stake in the business. Is it any wonder that REH performs better than Tradelink?