Ann: Profit Guidance, page-12

After re-reading the last announcement, I now realise these results are a lot better than I first thought.

Note that an additional $7.3M of R&D was fully expensed in FY21. If the already very significant R&D was kept steady at $15.7M, then expenses would have been $7.3M lower. This would translate into a much higher EBITDA of $32.9M (91% increase).

After tax, NPAT would have been around $5.1M higher at around $21.1M ( 92% higher).

Having been invested in OCL for over 8 years now, I am very happy to back management's decision to greatly increase their R&D spend as IMO that will improve growth rates in future.

However, it is very informative to think about the profits they would have achieved if R&D had not increased.

Would others please check my comments above and feed back on this thread - don't make any investment decisions on them before checking yourself and receiving advice.