A couple of negatives are:
* Revenue growth of 9% has slowed from previous years (and it includes the acquired Ex-engineering business, so only 3.5% organic revenue growth).
* Cashflow generation continues to be weak as the inventory is being built up.
But the positives are:
* Management continue to guide to some major projects in 2H24 which should see strong organic revenue growth resume (inventory build corroborates this).
* CMI earnings for 5 months of ownership in 2H24 will exceed the acquisition costs yet to be expensed and contribute to 2H24 earnings.
All in all management seem to be steering the company well.
Ann: H1 FY24 Investor Presentation, page-6
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