u_d's answer is absolutely spot on. To understand how profitability will increase (massively) with scale all you need to do is break down the FY19 P&L utilising the information provided in Note 2 (segmental information). This is how it looks:
The key items to focus on for FY20 are the PBT in ANZ (which will be meaningfully higher) and the LBT in US & Other (which will be significantly lower).
Also note the FY19 loss was $44m not $48m.
APT Price at posting:
$29.28 Sentiment: Buy Disclosure: Held
