Ann: Investor Presentation FY23, page-6

Not an overly surprising result given strong metrics based on past performance. Recent macro factors would suggest increased demand for more compact forms of transport, local sport and road tour leisure. Strong jobs market supports the results despite interest rate pressures. This was one of the most undervalued companies of the last 6 months. My only complaint was not being able to get my hands on enough shares 3 months ago. Lack of liquidity gave small capital superior returns. This niche company reminds me of XRF a few years ago. It has potential to trade on exuberant multiples, one should be wary of selling too early even for a high profit, I made that mistake with XRF.