Very good result, not sure how much the wage subsidies of $14.7m from NZ, Aus and Canada lifted the profit to $39m? Because that number is outrageously high.
In the entire NZX MHJ has to be one of the best bets for a 2 year investment. Looks like we are past the non- performing store closures. It's onwards and upwards from here.
And all through the store closures phase they have posted continued same store growth. Margins increasing even with them absorbing the increase in price of gold. Margins can still increase another 200bps to get back to historical levels of just under 65%.
The best part for me is: "I’m encouraged by the strong start to H2 with same store sales for the group of +11% for the first eight weeks"
Going forward the dividend is going to have to be more than 1.5cents or they will end up with a truck load of cash on the balance sheet.