Once again Gliderol has enjoyed a very successful year with increased sales across all states. Panelglide sectional overhead door and operator sales continue to grow. Trends in the new housing market has seen a movement away from standard roller doors to the front of the home which are now being replaced by Panelglide doors. Roller door sales are still strong, however with a large proportion of doors required for the ever-expanding storage and shed markets.

Our success can largely be attributed to the excellent efforts from all our state managers, sales, administration and factory personnel whom all should be commended for the sustained growth of the Company. The teamwork and unity that has developed throughout the country has greatly assisted in promoting the brand and profile of Gliderol.

With new products launched in recent times such as the Broadline commercial roller door, the Rolamatic GRII retrofit roller door operator, Timbaglide sectional overhead door and Gliderol's commercial interlocking slat shutter the, Company provides to all our customers, distributors and builders a complete package. No longer just a residential roller door and operator company Gliderol is now able to service capably all segments of the garage door market.

Gliderol is soon to release a new range of aluminum sectional overhead doors that will be suitable for the higher end residential designer door market as well as commercial applications. These doors will be available in a wide range of claddings. Timber Slats, Mesh Grills,

Acrylic, Polycarbonate or Danpolan. The Company expects these products to perform well in the dynamic contemporary housing market.

Our loyal distributors must also be congratulated in taking Gliderol to far reaching areas of Australia. The loyalty and support shown by our distributors is paramount to the

ongoing expansion of the Company. The Company looks forward to working closely in the next year with distributors to nurture and mutually grow the respective businesses.

Looking towards 2005 we can see a softening in new housing that is evident in all states. Rising interest rates and a slowing economy, will obviously impact on the sales of doors to this market. However, on the positive side, we believe that over the past few years home owners have enjoyed a significant increase in their property value. This we believe will enable the renovation and additions market to remain strong. Homeowners will consider the advantage of value adding to their existing home without over capitalising. Whilst we do not expect enormous growth in sales in 2005 we are confident that with sustained and increased market share in new products and old, Gliderol will forge ahead in a more challenging garage door industry.