One of many companies reporting good full-year results that mask the bifurcation in 1H vs 2H performance:
EBIT by half-years ($m) [Change on pcp]
DH19: 73.0
JH20: 28.0
DH20: 91.7 [+26%]
JH21: 44.8 [+60%]
DH21: 112.6 [+23%]
JH22: 43.7 [-2%]
(Although, compared to how poorly most of the other companies have performed in the second-half, to be down just 2% is probably commendable, especially considering JH2022 was cycling a very strong JH2021 pcp (was up 60% on JH2020).
What I think is worthy of remark is management commentary that the business is tracking on plan so for this financial year, and ahead of pcp (which is something given pcp was no slouch performance).
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