"I agree with the CEO that this is a solid, if unspectacular result,.."
Hmmm.
I'd be wary of looking at just the FY24 full-year result compared with FY23.
At the Pre-Tax Profit level, DH23 was 9% higher than its pcp, meaning that JH24 was a whopping 44% lower (even more if the ~$3m insurance recovery is stripped out).
With very heavy use made of leasing arrangements to fund the business, the operating leverage acute.
.
Ann: Investor Presentation FY2024 Results, page-7
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