I have had another read and you are right they have calculated an 11.1m NPAT for FY25. More than happy to find that you are right. A rerate 12mos earlier is more than welcome. I was aware that Keith John had stated that $8-11m savings would be available in 2025 due to the refinancing of the funding but he did not give any guidance for profit in 2025. The Coffeecaps presentation only gave guidance of $18m in 2026. They will work hard to exceed that as the remuneration incentives have a hurdle of >$18M NPAT.
Ann: Senior Debt Refinancing, page-15
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