Look at the increase in costs:
They are spending a fortune on marketing & Business development/Admin. Billboards don't come cheap. 9.4% of revenue on marketing, compared to BAL's 2.8% (even after ramping up in H2). A2M spends about AUD$92.5 mill on cost of doing business items, BAL about $57.5mill.
So, yes, they have a high margin product, but spend it to get the growth. Add that to lose making markets like the US and EBIT margin is reduced.
But, look, FY16 has been a great year for A2M, the only question is how much is already priced in?
Did they give guidance??
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