A few observations from the results.
* It's pleasing to see the EBIT margin return to more historic levels of around 9% now that input prices are relatively more stable. Cash generation also improved and more closely approximates Net Profit.
* However, Return on Average Equity (ROAE) has halved in the last few years to around 17% as a result of the declaration of excessive dividends and the reinvestment of those dividends. Not great for those not reinvesting and therefore being diluted.
* The company has indicated that their base case is for 375 houses to be built in FY2024, up significantly from the planned 300 in both FY2023 and FY2024 (I'm unsure exactly how many were built in FY2024).
Also, in Big River Industries' (BRI) FY2024 result today they indicated that the Queensland market remains buoyant along with WA and SA, whereas other States are struggling in terms of new housing construction.
Ann: TWD First Half FY24 unaudited profit up 280%, page-19
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