Ann: 2021 Annual General Meeting - Address to Shareholders, page-4

There's two things....short term costs are increasing for contractors delivering some margin pressure both with materials but especially labour in WA. Secondly the business is growing fast with large contract wins which is great but those wins then require a decent lick of capital initially to get things up & running. Again it's temporary. The wins will in time deliver a lot of free cash flow but for now at face value the numbers are subdued. The market isn't focused on what's coming, only what's in front of it now. MAH will be a much larger & far more profitable business if people have the patience & foresight to see where it's going.