Ann: Trading Update June 2024 Amended, page-4

As always, the devil is in the detail, and it bears remembering that the past two half-years (i.e. JH2024 and DH2023) are cycling weak pcp bases, but this is still a monster 2nd half result (fwiw, my model spat out a $6.0m NPAT for JH24 -up 55% om pcp, compared to the $7.1m actual result - an 85% increase):



With the top line growth relatively soft (~3.5%), the weak A$ is certainly doing a lot of the heavy lifting at the Gross Profit level (unusually higher amalgam sales in pcp).  I reconcile the GP Margin in JH2024 coming in at close to 64%, which is at the upper end of the historical range, and is the more representative level for the company, I feel.




While the business is clearly humming, it needs to be given the very large calls on capital over the next 18-24 months.

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