The economic / housing cycle definitely affects this company. Not sure if there is a degree of “non cyclical” products in their range either. I am sure some plumbing stuff gets done regardless of the economic cycle.
But there’s something else going on behind the scenes that needs investigation.
Reece has gone through a very long period of expanding their geographic reach over its extensive history.
I don’t think these stores are quite like opening a new McDonalds or a new Just Jeans or similar.
I have a feeling new stores take a while to mature. Given that they probably take a while to ramp up and assuming not all of the network is mature yet, how much organic growth is still to come to offset any change in the earnings cycle? And how much more of an expansion runway do they have left in Australia? 
