Ann: Q3 FY25 Update, page-4

It's two SME's with a multi million dollar head office overhead. It would be fine if they were profitable or growing rapidly but now it's just top heavy. They need to admit that having the distribution centre away from the population centres isn't working and relocate all of the biz units onto one site, in W Sydney or Melbourne. It's always going to be hard competing with Pet Circle who are happy to lose half a million a month so you need 100% optimised logistics to even get close. The marketplace needs some elite levels for top sitters with lower fees and better service. The top sitters definition of success at the moment is getting large enough that they stop paying fees to MPA.