Sure, it's a growth-by-acquisition story, but at least they are acquiring into an industry with structural growth tailwinds.

Net Profit After Tax lower: $5,933Mill (16.2%)

Net Debt/ Equity is ok so has liquidity here .. We looking for the these acquisitions to be integrated, sustainable.

https://hotcopper.com.au/threads/ann-appendix-4e-fy25-financial-statements.8731195/

Unfilled Contracted Revenue Recent large contract wins in North America and growth in most other regions across the group have contributed to the continued growth of Austco’s Unfilled Contracted Revenue (UCR). Our UCR book now stands at $53.8 million at 13 August 2025. This includes a net $6.3 million from the recently acquired G&S, being their UCR less orders they had open with Austco NZ. 

Cash and Working Capital Position Cash on hand was $14.5m at 30 June 2025, up from $13.6 million at June 2024. Cash generated from operating activities of $13.48 million reflected underlying profitability and allowed for the investment into further businesses (G&S acquired in May 2025) without the need for debt or raising capital. Despite working capital increasing as a result of acquiring G&S, the Group is well placed to fund future contingent consideration obligations without the need for liquidity events, if it chooses to do so. 

AHC closed lower while the XJO 8,395 -0.40% also lower

Return (inc div)   1yr: 71.43%   3yr: 50.53% pa   5yr: 38.36% pa