Ann: Record quarter delivers $6.9m ASR, up 245% year-on-year, page-32

Hi KW - great to hear thanks.

None of us get it right all the time and I still get into a few duds from time to time but I do try to call it as I see it (which yes often people don’t want to hear - the blind belief over at GSW is staggering, I believed that story six months ago - I mean why not, the revenue was growing rapidly, but started to suspect things after the NA Williams announcement. The Titanic is clearly sinking over there but the band is still happily playing on the deck).

I hold BTH it does look OK - I think fundamental ly LVT has a bigger market and looks stronger but the valuation is a lot higher. My suspicion is that BTH will chug along and be a nice buy and hold investment (perhaps 50-100% pa) - running at about 50% revenue growth but already has solid revenue around $13-15 mill so strong base - they are churning through a bit of cash to generate that though so watch ROE long term...