Whichever way you dress it up this is a poor result and market has reacted accordingly.
In my view, costs associated with due diligence, acquisitions and tendering, are all part of carrying on and growing the business:
Key takeaways for me:
- EPS 7.41 down from 10.92 PCP
- Expenses increased 10%. Direct wages (which make up 53% of expenditures) increased 13%.
- Guidance maintained but with a 'skew to the second half'. Given the shorting activity on the day of announcement many professional investors don't believe this and are betting on share price falling further.
- Target leverage not expected to be achieved until 30 June 2026
- Still no details of the contract terms for Clint Feuerherdt's retention in a part time role as a strategic advisor.
(20min delay)