What jumped out at me was the $110m operating expenses this year compared to $88m last year.
This is on $573m of sales, versus $657m last year.
A 41% increase in operating expenses : revenue.
To me, the thesis that RBL is a capital light, easy to scale, type business is broken.
I expected revenue decline.
But to see such a massive increase in operating expense - is a bad sign.
Ann: FY2022 Results Investor Presentation, page-8
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