Increase in salaries is related to absorbing employees in the recent acquisition, which in turn is increasing sales very nicely. That is DDR have their finger on the pulse, they extract a working margin out of their business, which is growing year on year. Not huge margins like some industries, but huge sales / turnover of which they extract their slice of the pie.
Operationally they are doing very nicely. It would be nice to see SP increase, but given the adversity of the market to borrowings, this probably will stay similar until the economy becomes more carefree again. That could be sometime now!
What I like about DDR is they know their stuff, and the majority of businesses today can be described as IT businesses, that is they rely on technology to provide their product / service. With increased AI and concern around cyber security, these are great exposures on top of the usual hardware and comms segments.
I thank the other guys / gals commentary, after sitting in on the conference I got the same understanding.
GLTAH
Ann: HY23 Results Presentation, page-10
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