Ann: H1 FY24 Investor Presentation, page-6

A couple of negatives are:
* Revenue growth of 9% has slowed from previous years (and it includes the acquired Ex-engineering business, so only 3.5% organic revenue growth).
* Cashflow generation continues to be weak as the inventory is being built up.

But the positives are:
* Management continue to guide to some major projects in 2H24 which should see strong organic revenue growth resume (inventory build corroborates this).
* CMI earnings for 5 months of ownership in 2H24 will exceed the acquisition costs yet to be expensed and contribute to 2H24 earnings.

All in all management seem to be steering the company well.