Ann: FY2023 Results Presentation, page-2

With the exception of Lindsay Rural's decline in EBITDA, a booming result.

Very pleasing that LAU is now the largest refrigerated transport provider in Australia given its purchase of $22.3 million of former (liquidated) Scott's Refrigerated Transport assets, so LAU eclipses Linfox in this space.

Interesting that some of the former Scott's assets are yet to become operational.

Great increase in rail revenue (up 43.4 per cent) and road transport revenue (increasing 25.6 per cent).

That freight rates for some road-hauled items are under pressure is a concern, but as against that the high interest rate environment means industry consolidation as LAU likes to term it should continue.

Borrowings have risen but arguably at a reasonable pace given the much larger entity LAU has become. Gearing is lower.

ROIC of 24.8 per cent in FY 23 was outstanding.

The 53 per cent in the overall FY 23 dividends is terrific. Almost ASX leading among industrials, not that I know every company's circumstances.

The net cash position was also excellent.

Very good that the company has given us an idea of the age of its road and rail fleets. Continued capital investment is required, and occurring.

That it's finding a new rail site in Perth WA that'll be larger is testimony to how lAU has grown.

Onwards and upwards, sensibly, one hopes.