The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Ross and Megan. I just got a couple of questions, if that's okay. Ross, maybe first, could you just talk to, I guess, the trend in underlying growth
you've seen across the business in the second half yet to date relative to maybe the 10% organic growth you sort of achieved in the first half?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
:
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Got it. And in terms of the M&A contribution in this first half, I think you flagged the $3.4 million. How much of that came from the Techforce and
Vision Surveys acquisitions?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: And are you still expecting those acquisitions in I think it was maybe $7.8 million incremental contribution you flagged in August. So are we still
expecting maybe what other sort of $4.4 million for those businesses in the second half?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Awesome. And just thinking about maybe at the upper end of that guidance range, I guess it hit $47 million. I guess what do you sort of need to
see from the operating environment over the second half? Do you think there's any, I guess, handbrakes to the upper end of that range at the
moment?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Yes. So when you sort of think about that maybe 3% to 5% organic growth half-on-half in the second half, is it really just the candidate shortage
piece that's, I guess, limiting you to grow faster than that?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Sorry, just maybe a final one too from me. Just on that international sourcing piece, I think you're working through in the second half. I guess, can
you maybe provide any sort of feel for, I guess, how much you're looking to, I guess, bolster your candidate pool sort of heading into FY '23?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Just I guess, Ross, around the M&A strategy and I guess the areas of focus. I think you sort of talked about potentially looking to expand into food
services too. Maybe can you just flush out, I guess, the strategic rationale of that potential vertical you're looking at?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: Yes. Okay. That's interesting. And in terms of multiples for that sort of business, that again be sort of consistent with your 3 to 5x EBITDA target or
where that scale would get?
Question: Kurt Gelsomino - Morgans Financial Limited, Research Division - Analyst
: And I think I just got a quick follow-up. Just in terms of your balance sheet capacity, again, can you just remind me how much capacity do you think
you have? And would you look to increase your debt capacity at all to maybe accelerate that acquisition pipeline?
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