Ann: ADH 1H FY2024 Results Presentation, page-4

The profit was down but the equity increased over the period so maybe the business is in better shape.

I see risks in the implementation of the WMS. Moving Mocka onto Shopify should allow them to focus on the choices of stock and pricing and timing of promotions, rather than developing and supporting their own E-commerce solution which would add to the overhead of the small team running the Mocka business.

I recently sold out of position but will follow the business as I have invested some time and effort in getting to know it. Good luck to all holders (and followers!)

I noted Mark seemed to want to stay close to the Adairs business, suggesting to me that Mocka could one day be sold off.