They borrowed for acquisitions.
I agree they were acquiring too fast and it's been good to see no further acquisitions in the last year while they consolidate operations and work on getting cashflow positive. Roll up strategies seldom work when it's one acquisition after another, with no focus on getting your house in order.
Would be good to see some more acquisitions later next year after a period of stabilising things.
Ann: FY23 Annual Report, page-5
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