Ann: CEO Address to Shareholders, page-8

I wasn't disappointed because my expectations were appropriately low.

Trying to extract some positives:

Revenue and EBITDA grew.

While revenue for H2 FY2024 is forecast to be flat ( noting the discrepancy between the statements on pages 7 and 9 of the presentation?), EBITDA for the same period is expected to a modestly higher.

Expenses have been well managed given current inflation rates.

Cash flow was improved with a small reduction in net debt. This is good in and of itself but it also makes the risk of a value destroying share issue even less likely.

While I can't get wildly excited about progress to date, all three business divisions have grown and are expected to continue growing. Absent the catalyst of the sale of one of the divisions or attacking the interest of another industry player looking to expand through acquisition, it looks like shareholders will continue to be patient with this one.