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We are witnessing slow improvement in market confidence and employers continuing to increase staff numbers but perhaps not ready to commit to permanent staff.
Our new businesses will bring extra value in 2011/12 and at the same time we have some exciting new initiatives to introduce in the first half.
We are very confident that we will continue to grow in 2011/12, achieving acceptable margins and profitability.
Although the value-gap has closed a bit, I have added to the income portfolio at below $1.80 on the basis of strong yield and growth. Also think this one avoids the tricky area of forex exposure that is making some other local shares harder to gauge, plus a degree of inflation-proofing from this type of business. Good also to see some pedigree amongst the top 20 shareholders. Ideally, I'd hope for $2.40 in 12 months - being a forward PE of 14 on my guesstimate earnings for current year - but that could be a bridge too far given the lack of liquidity.