Historical setup
What HY25 said to watch
From NPAT fell 62.6% on volume weakness as cash flow doubled
No quantified FY25 target is supplied; the release excerpt referencing "FY25 Operating Net..." is truncated and cannot be relied on. The FY24 anchor period is also flagged as carrying a discontinued operation, which distorts any H1-to-FY share comparison: HY24 NPAT of $33.4m sat against FY24 NPAT of just $7.4m, implying an H2 loss in the prior year. That makes second-half shape inferences unreliable.
What the release does support: Delegat enters H2 with materially lower inventory and receivables, lower H1 capex, and a reduced earnings base. Whether H2 volumes recover in the USA and Europe is the central unknown; the result on its own does not speak to that.