http://nzx-prod-s7fsd7f98s.s3-websit...609/275030.pdf
Very good result and nice beat on recent guidance. Highly credible that they raised the development margin so significantly in what is arguably an extremely tough construction market (look no further than FBU and their sub contractor problems for an example of how tough it is out there).
Interesting snippets from the investor presentation.
Embedded value per unit now $152K up from $114k last year, augers well for future profit growth.
Underlying profit has grown on average 47% per year for the six years since they listed, (struggling to think of any company that has anything like that record ?)
For those that like the headline IFRS metric Net profit after tax has grown on average at a whopping 93% per annum since they listed.
My thoughts are that this is an outstanding company for people to build wealth over time. Very happy long term holder.