Ann: 2020 AGM Presentation, page-4

If you are talking NTA which is 24c then yes you would have difficulty seeing value. However it is not a pure labour hire company. It has a mixture of both casual and permanent full time workers and with some of the jobs on offer the choice is up to the employee. They also run a substantial repair workshop in Perth which supports offsite repairs and also offers a national component exchange program and specialised tool hire. Many of the employees have company vehicles provided as a job benefit and I would think this would be quite unusual for a pure labour hire company. I see the value in the niche services they are providing onsite, the margin and what appears to be their obvious ability to expand. Just like SaaS businesses -not every business has to hold their assets in prolific hardware - sometimes it is in the form of expertise and the ability to retain your workforce with appropriate training, careers, rewards and experiences. This appears to be what they are doing.