Ann: FY24 Full Year Results, page-61

"No one can criticise the chairman for eagerly pursuing growth & even diversification.."

What about if this is at the expense of returns to shareholders?

EPS from 2021 to 2024 reduces from 9.7 to 9.0 to 4.9 to 4.87. Dividends have reduced from 5.25c to zero.

Is this growth for growth's sake? What about the massive expansion in number of shares over this 4-year period?

Earnings may be going up but returns to shareholders are going backwards and it's not all attributable to the IO price.

I fail to see why no one can criticise the chairman. Surely he is the one who has presided over all this?

Meanwhile the risk profile of FEX is significantly increased through much higher debt levels, which is a concern for a relatively high cost IO producer.

It's not clear to me this expansion has been managed effectively.