Ann: FY2023 Results Presentation, page-3

From the presentation, the on-off gain of US$15 million in FY 23 from the sale of a UK property surplus to requirements won't be repeated in FY 24.

The forecast probable decline in EMEA (Europe, Middle East and African) volumes of five per cent that may see EBITDA decline by 1 to 1.5 per cent is a concern, though the better than overall market performance suggested in FY 24 for the USA (though still a drop) is somewhat encouraging.

Most of all, though, with RWC saying 'outlook is uncertain', 'Mr Market may not like the result as he absolutely can't stand it when companies cite 'uncertainty'.