Ann: FY24 Investor Presentation, page-32

I wonder how much the inflation wave post covid boosted the metrics you discuss in your post. Are you able to adjust them to give a clearer picture of what the underlaying growth was without the inflation bonanza?

It's not that easy to strip inflation from the numbers in isolation other than to provide the following:





These numbers suggest performance improvement beyond inflation but I'm sure there are other benefits in the mix that supported the per store improvement.
An increase in product lines and a focus on increasing the exposure to the "Repair and Remodel" market (which supports the EBITDA improvement) would be contributors to the pleasing set of numbers.
And I appreciate that, in accordance with the article you provided, that times will be tougher across the next few years.

To me, it's not so much about how good these numbers are as about how bad these numbers aren't.
Our financial world is laden with companies that have fallen over when they move overseas.
These guys have exported their knowledge and skills seamlessly with no unpleasant surprises after five years.