Bit disappointed in the FY24 results because we appear to have...

Bit disappointed in the FY24 results because we appear to have a promotional CEO who uses ‘underlying’ mumbo jumbo and other tricks to mask the results. There is a $10m diff between ‘underlying’ NPAT and statutory NPAT.

Example: He quotes FY24 revenue at $215m but the P&L states $208m (Technically they are correct in that the receipts were $215m but they forgot to reflect the loss on selling of ex hire gear as the difference – nor is it shown in the D&A entry).

The actual EPS are static year on year, and whilst we shareholders got a higher dividend, one could argue that the extra borrowings were contributing to them – must be, because the operating cash flow was just 70% of the NPAT + non-cash items (viz D&A of some $20m). Quoting EPS prior to significant items of 11.6c is absolute malarkey – it is 8.5c period! Not brilliant – earnings growth is ZERO!

So, after all the hype, who were the actual winners?

The tax department, definitely, the FY24 tax rate was 34% v 18.6% in FY23.

I’m hoping the vendors of the businesses we have acquired are not winners but that is yet to play out.

And management have done pretty good as well another 2.623m in options converted to shares (about the same as previous year) and yet there are still $4.674m in the share-based option payments reserve. Man, I’d like to get my nose in that trough!

Yep net debt at around 50% of equity is high enough for the moment. Let's make FY25 a year when we eat into that debt.
Maybe a year of cosolidating the businesses acquired as well.

All I can say is StevenBoland, the stage is yours, NOW is the time to put REAL meat on the FY25 EPSand dividends. Time to fire up and please, put way the ‘smoke and mirrors’.