Ann: Trading Update June 2022, page-4

Given the HY NPAT was down 42%, and that the logistical problems that caused that have largely persisted, this is actually an upside surprise to me.

By implication, if they hit the mid-point of their guidance ($7.25m NPAT), it would imply a $4.56m H2 NPAT, which is above the $4.36m NPAT in last years H2.

There are a lot of P&L movements that could influence that, so the result will need to be dissected upon release, but I would have thought given the incredibly challenging operating environment currently prevailing that most SDI observers would have to be surprised to the upside by this result.

Given the revenue growth moderated from 26% in H1 to about 8.5% in H2, it looks like management have pushed on pricing pretty hard in H2 to achieve this level of margin recovery and the fact that they still think they've grown market share is pretty remarkable - Eternalgrowth