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From: "" <>
Date: Thu, 20 Feb 2003 22:36:16 +0000

Hi MacDunk,

>The drop in profit was to be expected.  In fact I was of the opinion
>It could be worse than what it was.  

I think the result was pretty much as predicted.  Take out the 
restructuring costs and it looks even better.  It was interesting to 
hear Dr Freeth say that, in the short term, drought conditions cause 
an increase in the stock being sold through the WRI saleyards, which 
is actually good for Wrightsons.

>It remains to be seen if the
>share price gets hammered like some of the others.  

WRI has had all day to get hammered.   It was down, but not really 
any more down than the broader market has been down over the last 
week.  My guess is that once people study how good the result was 
against expectations, WRI will bounce tomorrow.   Despite the 
gloomy predictions from some on this forum, the dividend is intact 
and the full year looks on target.  Today gave everyone a chance to 
buy in to get that 15% yield.

> WRI are a good company and will be back but not for
>some considerable time.  

You *are* getting impatient as you get older Macdunk!  Tomorrow's 
market opening bell is only a few hours away ;-)


discl: hold WRI

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