"GP margins have contracted and profit declined when your remove the gain on sale from the property"
Not sure how you came to the view that GP margins have contracted. I find the opposite.
In fact, one of the standout features of this result is the very strong GP Margin performance, to record levels, no less:
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All of the resulting $16m increase in Gross Contribution (and then some, as will be seen below) has been invested in CoDB, with CoDB-to-Sales rising by almost 400bp on pcp:
![]()
If, instead of 36%, had the CoDB rate been held unchanged on pcp (32.2%), it would have resulted in a ~$13.5m increase in DH24 PRe-Tax Profit (PBT), which would have resulted in a 16% increase in PBT, instead of the reported 3% decline. Heck, even if JH24's CoDB-to-Sales rate of 33.6% was repeated in DH24, PBT would still have come in almost 10% higher.
Knowing ARB management like I do, I don't think this increase in CoDB ratio is merely accidental or sloppy cost control; instead I think it reflects an intentional and considered investment in enterprise capability that will drive the next step-up in growth.
And this assertion is not made without some precedence to support it. Previously when there has been an uptick in CoDB-to-Revenue (i.e., 2006/07 and 2012/13/14), it has been followed by an acceleration in earnings growth in subsequent years.
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- Ann: 1H FY2025 Results Presentation
ARB
arb corporation limited.
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Ann: 1H FY2025 Results Presentation, page-5
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Last
$34.09 |
Change
0.080(0.24%) |
Mkt cap ! $2.835B |
Open | High | Low | Value | Volume |
$34.00 | $34.38 | $33.73 | $7.060M | 207.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 404 | $34.09 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$34.28 | 671 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 404 | 34.090 |
2 | 671 | 34.060 |
1 | 149 | 33.500 |
2 | 46 | 33.170 |
2 | 603 | 33.000 |
Price($) | Vol. | No. |
---|---|---|
34.280 | 671 | 2 |
34.380 | 552 | 1 |
34.940 | 280 | 1 |
34.950 | 190 | 1 |
34.970 | 285 | 1 |
Last trade - 16.10pm 16/07/2025 (20 minute delay) ? |
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WEST COAST SILVER LIMITED
Bruce Garlick, Executive Chairman
Bruce Garlick
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