Another great result. Key takeaways for me: 1) Given continued...

Another great result. Key takeaways for me: 1) Given continued strong revenue growth, some LH margin compression can be accommodated without undermining earnings growth (we do however need to see a couple more quarters to know what's happening with LH margins, as they are still up on Q1 2022); 2) Training is starting to fire and has a strong growth outlook, 3) debtors paid up after year end, so bad debt risks aren't an issue and balance sheet remains in great shape. Cost pressures are rising (as they are everywhere) and the macro outlook is challenging but all in all, ASH looks well positioned.
In another interesting development, labour hire company PeopleIn (PPE), which is about 3x the market cap of ASH, have announced a strategic review to realise s/h value. Press speculation (AFR) suggests they might sell out to private equity, but if they want to bulk up to get on more investor's radar screens, ASH could be a great fit - at the right price. These results put RS in a great bargaining position, but depends on whether he is ready to hang up the boots or sees too much growth ahead to sell out now. Whatever the case, this is all good for holders.