Ann: First Half 2023 Results Presentation, page-2

It's pleasing that Linc Personnel, 75 per cent of which was acquired less than nine months ago, has added A$1 million to net profit despite only having A$8.4 million in revenue.

The dichotomy between net earnings in labour hire (relatively low) and workplace training (high) is stark.

Debt has almost doubled but remains at a very low level, especially given ASH's regular habit of acquiring and folding in suitable accretive entitities.

I am more worried about the Federal Labor Government's anti-labour hire company stance than Directors and the CEO seem to be, at least publicly. The jury hasn't delivered a verdict: perhaps 'consultation' will see some slight watering down of proposed legislation.

Despite the small drop in earnings per share, SH have reason to be fairly optimistic about this small company's future provided labour hire remains an option for corporates and government bodies.