It's also worth noting that there was an additional $41.6m...

It's also worth noting that there was an additional $41.6m of depreciation & amortisation in the latest HY results vs the PCP.
Even with the $70m COVID incrementals, had the D&A numbers been similar to the PCP you'd have been looking at a Net Profit of almost $80m which would have been close to double the PCP! Hypothetically remove the COVID incrementals as well and you could have been closer to $150m!!!! These are clearly hypothetical numbers, but all possible scenarios. The point I am trying to make is that there is a lot of stuff going right at NRW. We had some cost blowouts pertaining to a once in a hundred year pandemic (News flash: so did lots of businesses) and the bottom line was also impacted by the need to account for depreciating assets (standard practice). Assuming revenue remains stable in 2H, all the incremental costs that Jules and team can reign in will go straight to the bottom line. As for Depreciation & Amortisation numbers, if they are lower then that also will help the bottom line.
This is my opinion only. As always, DYOR and GLTAH