I'm a bit confused by this result. It looks to me like NPAT for...

I'm a bit confused by this result.

It looks to me like NPAT for the core Reece business (i.e, excl. Moresco) accelerated by some 16% in the half vs pcp

Here's my maths:

Reported NPAT = $98m

Less:
Moresco NPAT contribution = $34m

Add back:
Moresco -related acquisition costs = $29m
Tax-effected finance costs = $43m*(1-30%) = $30m



=>  Core REH NPAT = $123m   (cf.  DH2017 NPAT of $105.7m, so 16% increase!)

This seems to be a surprisingly strong performance in the face of a slowing construction market (cf. JH2018 vs JH2017 NPAT growth of just 3%)


I'd appreciate it if someone could point out to me where I'm missing something, because this doesn't accord with intuition.


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