Ann: RWH FY17 Interim Results Investor Presentation, page-2

Not a bad result if you take into account the amount of depreciation for obvious reasons. They did comment that this will increase next half. It will be good to see when the dep slows/camps get used or sold. They did flag that sales were abnormally high last year, but not really a problem to see them drop off as long as leasing increases which is at a higher margin. Things they more easily control like margins and cap utilisation are looking better than expected. It will be interesting to see how the new acquisition plays out at the annual. Bought in at pretty low levels so happy to hold and give them time.