Ann: Half Year Financial Results Announcement, page-2

This is a very pleasing half yearly report and far better than I'd expected, given the difficulties all transport operators - air, rail, road and sea - have experienced during COVID-19.

About 71 per cent of revenue came from the Lindsay Transport Division.

The move into more railable containers, now 350, has so far been successful. It's especially pleasing overall that EPS has almost doubled from 2.2cps to 4.1cps.

The Rural Division seems to be doing OK from the sparse information provided.

Fresh Logistics appears to be the problem child, as by my quick calculations, it incurred an EBITDA loss of $8.5 million. It must have been extremely difficult to secure space in the bellies (holds) of passenger aircraft as there still are nowhere near the number of international flights that we saw pre-COVID-19.

Both air and sea freight have increased rates exponentially.

The 24 days of disruption to the Trans Australia Railway from the huge flooding has only again seen trains to and from Perth and Darwin resume on 14 February 2022, so this event subsequent to 1H 22 will have affected LAU's ability to transport contracted freight in a timely manner using Pacific National as the rail operator.

Holders will like the 16.6 per cent rise in the interim dividend to 1.4cps, a conservative payout ratio.

Well done to LAU's Board, CEO and numerous staff. Kicking goals despite trying times.