I agree they did pretty well overall and FY23 looks like it will...

I agree they did pretty well overall and FY23 looks like it will be strong, but I was worried by the line "supercharging marketing" in the slides. Failure to contain marketing costs is why the EBITDA is down this time. I know we have to market to sell the product (I'm in comms and marketing myself!) but as I think I've said on here before, until GDA can show top line AND bottom line growth, the share price is not going anywhere. If FY23's result is weighed down again by marketing overspend, the price will again go nowhere.

The result we are looking at is positive overall, but it is a harder sell to investors than if they can see positive growth in both parts of the balance sheet. Investors are largely simple folk who want EBITDA charts going up and to the right.

Just on that - selling to investors - how about cutting the marketing budget by $300k and instead investing that money in some good old fashioned investor relations? Hire a really good IR firm to set up meetings with the instos and brokers on the east coast, a few small events with high net worth investors, heck even a retail investor roadshow / or getting a speaker slot at investor clubs etc in major capital cities. Spend a bit on selling the business to investors. We already spend enough on selling the beer.