I attended yesterday's AGM. I arrived half an hour early and met...

I attended yesterday's AGM. I arrived half an hour early and met each of the directors before the meeting and chatted to them afterwards too.

My impression is that we are blessed with a superb management team - diverse, highly capable, highly motivated, energetic and clearly working very well as a team. This is a company on the move... determined to rebuild the company to its former heights - realistic about the challenges but quietly confident that they are on the right track (as I am).

They have identified that the primary reason they went off track a few years back was inadequate investment in R&D, and they have rectified this over the last few years with substantial R&D investment, and they're committed to sustaining this investment. Their capabilities on the innovation front are perhaps the key strength of the company imo - but these capabilities are soundly supported by great marketing, financial management and risk management.

There aren't a lot of companies operating in their field globally - perhaps half a dozen or so. So there is clearly room for a small company such as SRH to carve out profitable niches, domestically and internationally. They are clearly intent on expanding international sales and there's a quiet optimism within the company that they can do so profitably. With good reason imo. The board has a wealth of experience in - and knowledge of - their industry - domestically and internationally.

Their supply chain is well established, largely using Chinese companies to manufacture their products. This gives them a low cost base and helps to ensure their international competitiveness. But they are constantly investigating alternative (lower cost) suppliers in the region.

These are just some of my main thoughts and impressions from the meeting. There's plenty more I could write and no doubt I will. If anyone has any specific questions though I'll do my best to answer them.