What’s needed to get $1.5, page-27

I'm looking forward to seeing the results, though I'm not concerned about FY24 - it's the longer term trajectory that is keeping me on the sidelines for now.

The numbers you're quoting include interest revenue. As an example, for gifting, Revenue increased $5.1m but included $2m of interest income. However in the same period Gross Profit only increased $3.2m of which interest again made up $2m of the increase - so the margins on the operating revenue growth were just 39% (before any admin overhead costs)

My concern is that in H1 they only grew Gifting Gross Profit by $1.2m without interest, so assume they can deliver the same again but interest rates fall - suddenly there is no year over year growth and the market will hate it.

At the same time they have cost pressures on overheads for wage increases etc. The result seems likely to be suppressed EBITDA growth / they'll have to run hard to stand still.

I'd like to see them get the cost base under control before the interest rate free kicks disappear and all the profits disappear