Ann: FY22 Trading Update, page-2

Not sure what to make of this : $90m more in revenues than last year, but because of gross margins and spend on ERP (& presumably consolidation across businesses), NPATA of ~$12m is almost half of the $21m delivered last year.

EPS of ~9c is almost half of the EPS last year and they had contributions from Carters and Black Rubber which I thought were going to add to the bottom line.

I guess FX and input costs have a lot to do with it, so perhaps the 28.4% margin is not as bad as it could be (average FX in 2H22 was ~71.6c vs ~73c in 1H22), but it seems they need to do more on hedging/pricing to offset this and also quickly get those cost savings measures in place.

Again, who knows how the market will look at this, but in this environment, I suspect it's unlikely to be positive.