Ann: FY23 Half Year Results and Outlook, page-2

Ouch. Big drop (20%) in the EBITDA margin - from 6.84% (PCP) to 5.45%.
Decrease "due to change in margin mix".

Otherwise good organic and bolt on growth to revenue and EBITDA. Net Debt is up but manageable. Good spread of clients (4200 over various industries) and debtor days are slightly down. Would love to know the % of say their top 3 or 5 clients are for revenue to actually see how diversified their revenue stream is by their major clients.

It appears reasonably good value:

MC $322
Net debt $71
EC $393
EBITDA (Normalized) $ 62- 66 m (the higher level suggested at this latest presentation), but say 64 m
EC/EBITDA 6.14 X

With good growth in the past few years

Any increase in the SP and the sellers come out. Its 20% down on the ASX in the last 12 months and its numbers indicate it shouldn't be. For me, that makes it hard to justify any more exposure for now.