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Speaker 1: From Devon Fund's management Monday, Mon and Greg, how are

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Speaker 1: you morning?

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Speaker 2: My good? Thank you?

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Speaker 1: Now poort a tower on thatw that looked okay to me.

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Speaker 2: Yeah, it is a pretty good result. So look, it

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Speaker 2: was a mixed dole earning season but finished on a

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Speaker 2: pretty good note. So poor a tower on of those years.

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Speaker 2: Rallied on their results a strong half year. The profit

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Speaker 2: after text up twenty seven percent sixty point two mil.

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Speaker 2: Revenue up twelve and a half percent to twenty five million.

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Speaker 2: So volume is pretty good, up seven percent, twelve point

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Speaker 2: four million tons, contains up teen percent, imports up fifteen percent,

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Speaker 2: exports up three percent. The only weakness was in the

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Speaker 2: logs that was down ten percent, but it was against

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Speaker 2: a tough comparative when there was lots of wind damaged

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Speaker 2: logs being shipped the year prior. But yeah, generally a

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Speaker 2: pretty good story and also benefiting from higher price as

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Speaker 2: Mike so the charge and more stuff going for the

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Speaker 2: port and the charging war for it. So that I

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Speaker 2: lifted their profit guidance range to between one hundred and

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Speaker 2: fifteen one hundred and twenty five mil for FY twenty five,

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Speaker 2: and that's up one hundred and two The year price

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Speaker 2: and this is like the result up two point seven percent.

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Speaker 2: Another domestic name reporting was Somerset. Yeah, there's a bit

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Speaker 2: of anticipation around the retirement key homes was out given

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Speaker 2: Ryman's billion dollar capital rays. But yeah, those beers were

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Speaker 2: laid so before we're operating profit that up. That was

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Speaker 2: up eight percent to a record two and six point

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Speaker 2: four million. Revenues are of eight percent, occupation right sales

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Speaker 2: are up twelve percent, and the gearing ratio a lot

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Speaker 2: of focus on that thirty six percent, so they're under

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Speaker 2: less pressure it scenes balance sheet wise than Ryman. So

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Speaker 2: a week property marketing is residents sort of taking longer

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Speaker 2: to get into their homes. Yeah, that weighed a bit

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Speaker 2: in terms of revaluation, so that the bottom line fell

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Speaker 2: by fifty three and thirty nine point eight million, but

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Speaker 2: over all the underlung was was really good. So those

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Speaker 2: years up five and a half percent. And yeah, I

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Speaker 2: suppose the uning season that's over. It started pretty well.

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Speaker 2: You think likes of A two pretty mixed in the middle,

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Speaker 2: offshore and exported off your focus names and exports are

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Speaker 2: doing pretty well. Domestic ones less sober. Yeah, we might

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Speaker 2: have a better reporting season to look forward to later

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Speaker 2: in the years. Those interest rate cuts feed through fingers crossed.

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Speaker 1: Co confidence in the old consumer department just means a

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Speaker 1: little bit there isn't there.

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Speaker 2: Yeah, I'd say a temper increase in a depressed base.

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Speaker 2: This is the A and Z Roy Morgan Consumer Conference

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Speaker 2: that was up slightly in February ninety six point six,

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Speaker 2: so perceptions of personal financial situations that was up five

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Speaker 2: points but still negative negative twelve percent and net twenty

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Speaker 2: one percent. Expect to be better off at this time

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Speaker 2: next year, but perceptions will go on the outlook and

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Speaker 2: twelve months time economically that actually eased a point five

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Speaker 2: I measures still steady at five percent, the interesting one

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Speaker 2: for retailers and net fifteen percent still reckon. It's a

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Speaker 2: bad time to buy a major household irons that's pre subdued,

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Speaker 2: so we're probably more rate cups there. But yeah, just

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Speaker 2: on that front. ABNZ will mention what inflation and the

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Speaker 2: outlooker is doing. And the two year basis for consumers

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Speaker 2: is lifted juster point one percentage point four percents. That

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Speaker 2: was good. So as we saw the business outlook, consumers

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Speaker 2: are being a lot more optimistic than there were six

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Speaker 2: months ago, but sort of marginal gains each month, and

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Speaker 2: they're not exactly in hardy mode. But the actually have

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Speaker 2: seen one retail reports on green Shoots the Hellenstein Glass

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Speaker 2: and they said that sales for the six months are

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Speaker 2: up seven point seven percent. They overcon that profit's going

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Speaker 2: to be around about twenty one million for the full year,

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Speaker 2: which would be in line with last year's record, but

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Speaker 2: they did say margin still pressurized, so it seems discounting

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Speaker 2: is needed to attract shoppers. And I think that something's

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Speaker 2: up right.

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Speaker 1: So the Personal Consumption Expectation FED loves it. It looks okay,

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Speaker 1: didn't it?

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Speaker 2: It looks okay. So this is a bit bit of

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Speaker 2: a relief around this. This is the fed's preferred inflation gauge,

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Speaker 2: so we had seen a hot than expected inflation print

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Speaker 2: earlier in the month, so this will sort of provide

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Speaker 2: a little bit of comfort around that. So obviously a

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Speaker 2: lot of focus on tariffs and what that's going to

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Speaker 2: do to inflation. But yeah, the pcees it's known that

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Speaker 2: increased point three percent for the month, two point five

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Speaker 2: percent annually, and the main measure might core PC that

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Speaker 2: takes that volatile food energy that was just up zero

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Speaker 2: point three percent for the month and two point six

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Speaker 2: percent annually, So that was down from two point nine

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Speaker 2: percent in December. So a lot of relief there. Just

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Speaker 2: a couple of other quick notes personal income that rose

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Speaker 2: much sharper than expected, in fact double expectations. Hir incomes.

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Speaker 2: They didn't see increased spinnings that decrease point two percent.

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Speaker 2: So maybe Americans are beatting down the hatches. There's savings

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Speaker 2: rate picked up, and possibly they're being a bit more frugal.

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Speaker 2: But you just on inflation. The odds of a June

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Speaker 2: rate cut have increased to just above seventy percent. Markets

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Speaker 2: expecting two rate cuts by the end of the year.

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Speaker 1: Okay, numbers please.

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Speaker 2: Yeah. So it was a bright day on the boards

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Speaker 2: in the US. So the Dow was at one point

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Speaker 2: four percent forty three eight forty s and p at

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Speaker 2: one point six percent as well as was the Nars

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Speaker 2: deck foot see one hundred point six percent. In the UK,

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Speaker 2: A six two hundred was down one point two percent.

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Speaker 2: We had a good strong day, up half percent twelve

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Speaker 2: six zero one for the insex fifty goal down twenty

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Speaker 2: dollars to eight five seven an ounce. Oil down fifty

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Speaker 2: cents sixty nine spots seventy six a barrel. Currency markets

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Speaker 2: key we down slightly against the US fifty six. Even

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Speaker 2: Australian we're ninety point two. That was down slightly. British

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Speaker 2: pound forty four point five down there as well. Japanese

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Speaker 2: yen pretty flat eighty four point three this week, Mike,

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Speaker 2: we've got a bit going on again. So the evening

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Speaker 2: season is sort of closed down in New Zealand, but

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Speaker 2: we've got building permits, trade data and another global dairy

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Speaker 2: auction on the U s Uning's front. I've got Costco

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Speaker 2: Hewlett Packer data wise, we've got the RBA minutes, we've

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Speaker 2: got Ozzie GDP, we're got non farm payrolls, and we've

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Speaker 2: got the ECB their meeting and they're expected to cut

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Speaker 2: go well.

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Speaker 1: Matin Greg Smith, devon Funds Management.

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