Ann: ANNUAL REPORT 2021, page-9

Disagree on FXD to a certain extent. FXD is very much an Australian story and is not taking off internationally as well as hoped. It is a huge success here but having difficulty getting traction in UK/Europe and USA. Reason is simple. Tradies in Australia are very well paid compared to other regions. Tradies here buy good gear and drive $60k utes. In Europe they are mostly from Eastern European countries and paid less. In the US most from South American countries and paid less.

I would prefer a product that is only marginally successful here and hugely successful in markets with 500 and 360 million people rather that the other way around.