Third Age Health Services (TAH)

• Why did the effective tax rate jump from 24.9% to 43.5%, and is the FY23 rate the right run-rate for FY24?
• What is the underlying group margin once first-half integration costs are excluded, and is the 2H exit margin sustainable?
• How quickly will receivable days revert toward the FY22 level of 21.2, and what is driving the extension?
• Is a dividend representing 122.4% of FY23 NPAT sustainable if NPAT does not recover, given the FCF payout ratio is suppressed pending a suitable denominator basis?
• What further integration spend, if any, is expected in FY24 before the larger group runs at a steady-state cost base?

This briefing cannot assess management's specific cost-reduction initiatives, segment-level margin trajectories, or FY24 trading momentum because the supplied material contains no forward financial guidance or post-period trading commentary.