Historical setup
What FY25 said to watch
From PBT collapsed 90.8% as H2 NPAT loss erased H1 profit
No quantitative FY25 targets were carried in. The release notes "targeted cost reduction initiatives" delivered in H2 and a same-store sales recovery, but neither flowed through to H2 earnings or H2 cash. Management commentary on gross margin is qualitative — promotional pressure and gold input costs were "largely offset" by higher-margin product mix — and the document does not quantify the FY25 gross margin against the prior 60.6%.
The release also does not provide forward guidance, FY26 trading commentary, or a stated dividend policy reset. So the read is constrained to what FY25 itself shows: a top-line that recovered modestly while H2 profitability and the balance sheet deteriorated.