I suspect the market sniffed out this line “Our existing businesses are tracking in line with last year’s record first half profitability” and determined the business is ex growth.
I’m not convinced that is the case considering this year CDA was starting behind last year due to the loss of the Afghan market c.$7m revenue and government stimulus which they say generated c.$20m of sales. To be delivering in line with last year is a solid start to the year.
The Australian borders are also soon to re-open which will be a tailwind for the comms division which is now cycling off weak comps due to covid last year and could provide a material growth tailwind in H2.
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