I think the thing some are missing is how they framed FY24...

I think the thing some are missing is how they framed FY24 guidance. They have not said NPAT of $5.5m, but rather have said NPAT will be OVER $5.5m. In other words, saying take $5.5m as the low figure but they expect to be higher than that.

You then factor in the way they spoke in discussing the business and that is clearly where they are internally targeting. I think that a full year NPAT number that starts with a “6” is probably now seen as a pass mark internally by management and the board and they may even be shooting for a NPAT starting with a “7”.

The revenue momentum, cost focus and locked in lower financing costs also suggests that. Don’t forget that the first half had an approx $600k refi cost included, so underlying first half NPAT was higher than reported.