Given that the earnings guidance for FY24 of NPAT in the range...

Given that the earnings guidance for FY24 of NPAT in the range $65-95 million excludes 'transformation costs' of '$10-12 million', NPAT could be as low as A$53 million (although likely to be higher).

To put into perspective, in what wasn't a good year for GNC, FY19 saw a net loss of $113 million, so at least in FY 24 with what the company says is 'normalisation' of grain receivals, GNC remains profitable. ROIC however will be significantly down on FY 23.

On page 15, GNC says there'll be a 'feasibility study' into the proposed new Western Australian oilseeds crushing facility. It's unclear how much will be expended on this in FY 24 and beyond (assuming eventually planning permission is sought and granted, and the premises built).

Margins in grain handling and oilseeds crushing are declining, so 'Mr Market' may not like that. Nonetheless the company hasn't moved into a projected loss after tax for FY 24, despite multiple previous very good to excellent FYs.

The dividend won't be announced until May 2024. My guess is it'll be reduced from that of FY 23.