Ann: FY2024 Results Presentation, page-49

it hard to ping point where the problem is with serial roll up business because you done so many purchases and it all mangle up in the group revenue.
serial roll up business 95% of the time it proven to be a broken model in all sort of industries.

they all can claim they can consolidate the fragment market. build scale, get better margin and you get them on cheap multiple
but the reality is harder to achieve due to a variety of factors such as over paid for business, new business doesn't integrate well,
different people and culture, key people may leave now that they cash in their chip.