Ann: 2023 Half-year Report incorporating Appendix 4D, page-16

One of the disappointing aspects of WES in recent years have been their aquisitions. A lot of money has been thrown awayh on buying Coles at the peak of the market, the move into the UK, Catch and now the Kidman costs are getting out of control and product will come to market at a time when prices are about to go down. Once upon a time WES wouldn't touch anything unless they achieved a certain amount of return on their investment. That seems to have been thrown out of the door. Let's hope the move into health goes a bit better.