I think the defence segment will be tougher than most think to turn into a strong profit contributor. It's a tiny proportion now.
The paperwork and culture is so very different and the annual seasonal rhythm of F1 would be different to the decades long procurement cycles in a&d.
My advice would be to have a segmented-out divisional structure.
Ann: PWR H1FY2023 Investor Presentation, page-16
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