Ann: FY23 Results Investor Presentation, page-87

My thesis is:
- Organic top line growth driven by:
1. price increases being pushed through over the last six months
2. integration of acquisitions driving revenue synergies (via cross selling and service bundling)

- stabilisation of labour and fuel costs reducing opex and increasing NPAT at the bottom line

- opex synergies realised in acquired cos, with the benefits of these synergies (reduced head office costs etc) flowing into NPAT

I could be totally wrong, but I feel like the market is not pricing any improvement in business conditions or performance after what has been a very choppy 18 months, so any good news will be seen as an upside surprise.