The company delivered on its 1H24 result and has held firm on its FY24 forecasts. A little overlooked fact on the 1HFY24 $12.5m NPAT, up 17% on comps, was the extra tax it is now paying. Clearly past losses and advantages have now been fully utilized. By way of illustration, the tax as a % of rev for 1H23 was 1.5% - for 1h24 it was 6.4% - sign of a maturing company. Hopefully this may keep Albo off taxing our paper profits, but I don't think so.

The order book looks good - ROE held steady - net debt to equity has risen to 51.5% but the recent M1 Scaffolding acquisition looks to be performing very well.

The company has increased the dividend and given 2HFY24 looks like it will be stronger than 1h, I suspect a 6c divvy for FY24 is in the offing. I'm presuming this will be ff. I'll be interested to see what the 3 analysts do with their IV after this 1h reveal. Surely the current $1.22 will lift to $1.30 or thereabouts.

My only concern is the sheer capital intensity of the business model. With a mooted $26m CAPEX, this just about sucks the tripe out of NPAT for FY24 (my estimate of around $31m)