Another box ticked with debt now signed off. Next piece of the...

Another box ticked with debt now signed off. Next piece of the puzzle is an increase in conversions/expansion plans. Pretty hard for the market to get excited when there is no clear pathway/message/timeline when/how they plan to do this.

At a conservative guess they would have enough conversions in the pipeline to get over 225GW (half way to their target). Confirmation of this would be helpful rather than statements like "sales remain strong" which is open to interpretation.

It's a well run business. Good margin for industry. Cost control is tight and was within 1% of forecast last half. A clearer picture for the future is what I would like.