A creditable result from PPL, whilst flagging to the market that...

A creditable result from PPL, whilst flagging to the market that they will continue to spend the investment $$$ to build the international business in Q1-23, so this will clearly put pressure on margins in the short term - also noting that EBITDA margin was actually lower in F22 (c9.6%) than F21 (c10.3%). So they have their work cut out to achieve the 30-40% target margins that Martin Filz has alluded to. As to why the stock isn't roaring back to 10c, in this type of market, unlike the previous 'easy money' environment, investors probably won't be giving any company management the benefit of doubt ahead of seeing runs on the board, so it is a 'show me the money' investing environment. Q1 will see increased investment, primarily in headcount, to drive their push into offshore markets. They have a good cash pile, which hopefully, will continue to grow from Q2 onward or, at worst during H2. Martin and Melinda are doing a good job thus far.