This is a complex business as it has a large number of moving...

This is a complex business as it has a large number of moving parts, including acquisitions made in FY 23.

NPAT hasn't kept pace with growth in revenue, the latter now at A$550 million in FY 23.

Cashflow (especially 2H 23) looks good but I am not an accountant.

There's no mention anywhere of the elephant in the room: Federal Labor's hatred of labour hire companies and its determination (urged on by Labor's trade union bosses) to rein them in.

In ASH's defence, it's difficult to offer substantive comment when the Bill (IIRC) has yet to be fully debated in Federal Parliament, but going by media commentary in 'The Australian' and 'AFR', it represents a threat to efficient and effective provision of affordable labour in Australia. Militant unionists want to drag everyone down to the same level, and hate discussions about how productivity needs to improve.

There've already been changes to the arrangements for Pacific Islands-sourced seasonal workers (re which ASH has purchased a company that does that). Some farmers have complained the rate they now have to pay these foreigners is unaffordable. Whether this means fewer such contractors arrive from nations such as Tonga for the peak December-February fruit picking season is an open question.

I'd like to see further evidence that ASH can pass through increased costs to its clients.

Mr Shrimpton knows ASH's fields extremely well and no doubt is a skilled navigator through challenging times, but will Labor and its 'maaates' in The Greens stymie labour hire entities from later this year?