Ann: FY2023 Results Presentation, page-5

plough at least a few of the Scott's RF assets (refrigerated railable containers and so on) may be in poorer condition than thought when LAU expeditiously jumped in at the firesale.

Sounds inevitable: some assets may be 'buggered' if I can use that term, while others (as LAU is demonstrating) are fit for purpose for a few years at least.

I assume LAU is gradually placing its livery on to the various road and rail assets acquired.

For a company of LAU's size, this increase in assets is a major ongoing exercise.

The key will be ensuring that LAU obtains sufficient hours per month utilisation in revenue service.

It was pleasing to hear that demand is good for LAU's supermarket goods and horticultural transport (and warehousing) as I half expected the picture to be sombre, given the rise in interest rates, alleged decline in purchasing by shoppers at all supermarkets and ongoing inflation. Agree: great model with the LAU rural stores, and W B Hunter newbies.