Dissecting the information a little:
1H23 Und EBIT $11.5m
1H24 Und EBIT $14.0m Up 22%
2H23 Und EBIT $11.9m
2H24 Und EBIT $19.5M Up 64%
However, removing approximately $7m from 2H24 EBIT due to acquisitions CMI and Ex-Engineering means organic earnings growth in 2H24 was around 5%.
While this is quite modest, I'm keeping in mind there's a fair bit going on with the business so this shouldn't come as any great surprise. The two acquisitions are being run as standalone businesses as far as I'm aware so the opportunities for growth via cross sell will naturally take time. Also it's worth noting the move to a new warehouse in NSW would have caused some disruption to the business in FY24.
Overall I'm satisfied that management is steering the ship well and a full 12 months of earnings from acquisitions in FY25 will underwrite further growth in the year ahead.
Dissecting the information a little:1H23 Und EBIT $11.5m1H24 Und...
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