The Scuttlebutt Method of Pedaling

Metcash has been around forever, and when I got into this game 20 years ago, the narrative was the same, the food business is toast. And it's still going. The three year percentage growth in food sales has been 20%. So at least in the last three years, it's been growing. What's really interesting is just looking at their half year results at Andy referenced. Yeah, so food's 53% of revenue,. It's 44, sorry, sorry,sorry, let me start again. Hardware is 20% of revenue, but the underlying EBIT, so the operating profit before you take out tax and interest charges was 44% by far the biggest segment. But if