Ann: Full Year Results Announcement NCK, page-20

Great analysis on GM and costs in this thread, thank you!

A couple of additions from me:

Their July 2023 trading update looks weak on the face of it at -8% vs July 2022; however, it is just that July 2022 was a very strong month (it was 60% above July 2019). Between July 2022 and Dec 2022 things started getting weaker, so as we move through this half the comps are going to get easier - on my calculations if June/July trade continues like this, comps will turn positive by the AGM trading update (from base effects)

They should be able to hold onto a lot of their GM% gains
- Shipping rates are back to pre-COVID levels, and current trade and deflation out of Asia points to dynamics which will keep a lid on shipping rates for the foreseeable future
- Input cost reductions from scale benefits now that their putting in orders with both Nick Scali and Plush volumes combined