I think your assuming things didn’t work out because costs...

I think your assuming things didn’t work out because costs (including ones not in there control like escalating insurance costs , Covid effected freight, wage inflation) were a bit ahead of revenue growth. Two points to consider- US and Europe are coming out of Covid and winter so it’s important to have new sale hires onboard and productive ready so expense incurred ahead of revenue. Revenue growth also remained strong through the first half so it wasn’t all doom and gloom and the investment seemed to pay off and the second half financial year is usually stronger so revenue will probably catch up to investment in expenses especially when you look at recent months sales. I see what they have done as responsible good management investing ahead of peak sales period, conservative financial management ahead of lower northern hemisphere sales period.
I was impressed by the management team and way they explained the business and what they are doing