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: David Pobucky - Macquarie Research - Analyst
: Just in terms of the first one around the guidance, it looks like you're assuming a more normal first half, second half EBIT this year, which is more
consistent with FY '20 and '21. What are the key swing factors for the remainder of the year that could get you to the top end of guidance and
conversely or conversely the bottom end there?
Question: David Pobucky - Macquarie Research - Analyst
: And just one last one for me. It looks like branch network EBIT was down 16% versus last year, but the wholesale was down 38%. What were the
key drivers of that wholesale performance?
Question: Piers Flanagan - Barrenjoey Markets Pty Limited, Research Division - Analyst
: Just a couple for me. Maybe just firstly, on the cost base, and you talked about adding headcount for growth in future years. Can you maybe just
talk to sort of the headcount you've got at the moment? Are you still looking to add to that? Or is this the right size now for growth in, say, '25 and
'26?
Question: Piers Flanagan - Barrenjoey Markets Pty Limited, Research Division - Analyst
: And then just on the higher inventory levels, I think you talked that they're starting to fall. Could you maybe just talk about how the second half
trading has been and how the working capital levels currently look?
Question: Piers Flanagan - Barrenjoey Markets Pty Limited, Research Division - Analyst
: And then just the last one, I mean, FY '22, you had a slide in the presentation pack just talking about sort of the organic growth and in the market
growth you saw. Can you maybe just talk to, I guess, sort of the first half '23? I mean you sort of had some good momentum within the backward
integration, but I guess sort of the growth within sort of the organic side and then maybe what the market impacted you?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: Just what cost to earn ratio should we expect for the second half, please?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: And then the -- you called out the $7 million contribution from acquisitions in the first half. Was that -- does that include acquisitions you did last
year as well? Is that strictly one's just completed through the first half?
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