topline good, but this report again reinforces my sense that JYC...

topline good, but this report again reinforces my sense that JYC needs to do more to manage costs. I'm never quite sure why we need a corporate mgmt level to manage two (maybe going to be 3) well managed subsidiaries with their own experienced mgmt teams, and when we already have a large board. It was also noticeable that again, consolidated NPAT grew faster than profit attributable to shareholders. KWB still scoring most of the runs. And Bedsheds blaming high travel costs for its weaker profits (how much travel was done, why (FFS), and who manages it?).

JYC happy to talk up Crave but it cost $750k from a soft launch in September until the end of Dec. We're told to wait until June for an update (fair enough I guess) but at that rate of cash burn, it would well be a considerable drag on profits which are already facing headwinds from slowing consumer spending.

Lean and mean is one thing which JYC doesn't seem to be! A pity as it ticks a lot of other boxes.

Unenthusiastically holding. GLAH