- At the half year sales growth was 8 per cent; in the subsequent four months sales were 1 per cent below those of the corresponding months in the prior year.
- demand levels for new equipment in Western Europe and North America have been subdued, especially since the beginning of August, and are expected to remain so for the balance of the year
- Sales activity for new equipment in Asia, Middle East, South America and parts of Europe remains good, with our overall strength in these regions positioning us well for continued development and growth.
- In April 2011 we announced that we had invested US$50 million for a 15 per cent interest in TEN Media, a business set up to provide solutions to the egg industry. Progress has continued to be positive and we expect the first financial returns from this business to start in the second quarter of our next financial year.
DNO still looks a good quality company on a reasonable valuation, and I think it will continue to do well in the long term. My mistake was in becoming too eager on it earlier in the year. I would have been better off exercising more patience. With the benefit of hindsight, and a cooler head, I would probably now wait until DNO looked more oversold before buying, despite the 11% drop today.