I attended the Jumbo AGM yesterday and was very, very happy with what I saw and heard. Putting aside the short term noise about jackpots right now and what that might do to short term earnings, the culture and approach from Mike and his team was first class.

Unlike some other founder led businesses in the news of late, Mike seems to be very humble and very aligned with his team and shareholders. The staff and customer engagement and satisfaction numbers are excellent. He has allowed the governance of the company to improve significantly in the last few years, with an upgraded Board plus a better and more aligned remuneration structure.

While they are still looking to expand globally with earnings accretive acquisitions on the table, he turned down a recent opportunity as the price wasn't right.

It was also a shareholder friendly AGM, with all questions asked and answered in the room and online, with Directors speaking to their elections and staying around after the meeting to chat with shareholders.

Like all businesses there are people and market risks however unlike most, Jumbo seems to have the management, staff, customers and shareholders all rowing in the same direction at present.