Sometimes “the market” prefers to be invested in companies on 50 x sales, losing 30m a quarter with the aim to be cashflow positive in 5yrs and profitable within 10yrs on an underlying basis ;).

@Silky84 @NewbieHK Impressive results and pretty close to what @Wini had been predicting/expecting if I'm not mistaken. Perhaps even a little ahead of expectations? In any case I've seen enough and need to be on board this business again. Previous holder, back in.

The other thing the market loves even more is dividends, no dividend no euphoria. I could imagine a 2% dividend, would have seen shares up 10 or 20% today. Its ridiculous, but allows the more patient among us to pick up stocks like Austco at a reasonable price.

@GazD Slightly higher than my expectations which is nice, especially cash flow. AHC is a timely reminder about being patient as an investor (especially for smaller businesses). Back in Feb they released what you could only label an underwhelming report. Revenue was up 11% but nearly all of that was from an acquisition, and EBITDA fell 18%. Safe to say most shareholders were disappointed, but management pointed to the building order book and the fact a lot of the extra costs was beefing up the business for growth.

The turnaround was more rapid than I expected but we now have a fantastic 2H with $6m EBITDA ($4m organic, more than double the 1H) and entering FY25 with another record order book.