Good question. It's certainly worth reading pp19-23 of the...

Good question. It's certainly worth reading pp19-23 of the Annual Report for division details, comparing it to 2023.

ORGANIC GROWTH:
- Baltec grew revenue $7m AND margins strongly - both year on year and in HY2 compared to HY1 - EBITDA up 205%. +$3.3M - Outstanding Result
- Energy revenue up modestly but margins strongly - EBITDA up 41% +$1.5M - Excellent Result
- TAPC - flat revenue but EBITDA down 21% -$500K - Well managed to avoid losses given strong headwinds (Lithium prices down 70%)
- Waste revenue fell sharply from $4.7m to $0.8m - but continued to contribute a small FY profit, after a HY1 loss. It is important to note that this division's value is in providing business for the other divisions, rather than generating a meaningful profit

AIRTIGHT's very modest profit was well below acquisition forecasts - also impacted by headwinds (joinery sector downturn) as well as one-off integration costs. There is every chance they'll provide a reasonable - though not outstanding - ROI now that systems are fully integrated and they have expanded into the waste sector.

Overall, in my view management have done an excellent job of both taking opportunities and managing threats to financial returns.

The portfolio of services are genuinely complimentary as well as spreading risk.