Don't see how you get EPS of 17 cents. First half is 9.5 and...

Don't see how you get EPS of 17 cents. First half is 9.5 and their second half is normally about half of their first half so that would suggest an EPS of 14 cents for the full year, although I have 15.5 cents pencilled in if their share buyback is successful.

Looking forward to next year their IT program should be complete and costs down so should be an improvement next year.

However, if you look at it from a free cashflow perspective they are cheap at the moment. First half was 22.5 cps although I suspect at least 5 cps of that was down to managing payables better and hence a once off cashflow increase.

They do seem to be managing the business about as well as could be. Stock turnover under 60 days and payables up near 120 days.

I see SFH code works on Hotcopper now too.