Ann: FY24 Full Year Results Presentation, page-16

The industrial services margin is just below/at 20 per cent when many competitors run at <10 per cent.

ACF is the market leader in Queensland, but activity levels have dropped off with uncertainty re the Olympics 2032 and some 'horrendous behaviour' from the CFMEU, the latter even worse than NSW and Victoria. (As a Victorian, I could perhaps reeducate him as to how bad it is in the depressed southernmost mainland east coast state).

Victorian status is all about major projects but revenue may drop a bit this year. SA/WA: organic growth with new products to new markets.

Sydney Metro West, Cross River Rail in Brisbane, Metro Tunnel in Melbourne are some examples where ACF is involved. (The cost overruns, especially bad in Labor's Victoria, help!)