A nice set of results for SRG today. The ability to pass on costs is evident in how well margins have held up over the last couple of years. The overarching story here is the transition to being primarily an asset maintenance business with some construction exposure. The AM business continues to grow nicely (segment result below). The EBITDA contribution of the Asset Care business was $5m in the FY segment contribution but, assuming no growth, will contribute $15m in FY24.

Decent revenue tailwind across the business, and a business that is reducing the earnings risk from mispricing construction projects has the potential to bring rising earnings and a rising multiple.