Yeah it's interesting. I had a look at the FY23 annual report to...

Yeah it's interesting.

I had a look at the FY23 annual report to try and check for materiality. I couldn't find a line item specific to "duties", but have assumed that it sits in note 5 and within "Other Income" which totaled $2.1m in FY23. If it indeed sits here, it's quite possible there are other revenue items that sit in here too in which case the duties component was <$2.1m for FY23 or <0.5% of total revenue. If it was all margin (which it isn't as CTT also has to bear risk and in fact lose money when the duties are higher than they estimate when they charge the customer), the EBITDA impact would be even smaller when the cost is netted off. In other words, if my understanding is correct, it is indeed very immaterial...

As mentioned in different post, this was an orchestrated attack to cover short positions...

Keen to hear other people's views...