The 3 year strategic plan set in 2022, was to double revenue by FY2025 through acquisitions and organic growth.
At the time money was cheap with low cost of funding (interest rates).
They went on an acquisition spree mainly through 2021 - 2023 and when cost of debt rose they’ve been hit particularly hard due to over-leverage.
Finance cost taking up approx $7m per annum from EBITDA. They have stopped their acquisition spree so we should start to see debt come down going forward provided they can maintain their strong growth
Debt levels, page-3
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