- Earnings increase within guidance, 3%- Net profit took a big...

- Earnings increase within guidance, 3%
- Net profit took a big hit as expected due to writedowns
- Underlying profit up 2.5%
- Dividend up to 16.5c, yearly total 28c vs 27c PCP
- MTS to buy 75.1% of Automotive Group with option to purchase the rest
- $325M insto raising via bookbuild to fund AG acquisition, remaining Mitre 10 stake et al
- $50M retail raising at same price as raising, up to $15,000

Remains to be seen how the market takes the news but I would expect neutral to moderately positive.

One thing I will say for MTS is they aren't going to sit around waiting for deflation and the big boys to smash their business model. They are getting out there aggressively and taking it forward.

I don't know whether this will pay off in the long run but it I understand what they are trying to do. Bulk distribution to small owners and independents is what MTS specialises and it makes sense to bring more of these bulk distribution fields into the MTS fold.

Whatever happens they definitely aren't going to die wondering. Have to commend them for that.