Ann: Appendix 4D and Half-Year Financial Report, page-15

This result didn't seem impressive to me. NPAT went from ~$5m in the 2nd half of '23 to ~$800k in 1H24. There isn't supposed to be seasonality in this business. Earnings aren't supposed to decline this much from half to half. The business clearly went backwards in the past 6 months or so.

Having said that, there's no point selling now. It looks like interest rates have peaked (ie. lower interest expense in coming years), and the positive revenue effect of the Dunlop deal yet to take effect. Earnings could conceivably be much higher several years down the track, along with market cap. Worth a speculative bet I think.