My take was 27% GM is a positive result for a B2B and B2C...

My take was 27% GM is a positive result for a B2B and B2C distribution business in its expansion cycle. The exciting thing is the significant M&A/development costs in the FY20 numbers that had little or no corresponding revenue (July 2020 UK revenue exceeded the entire FY20 result). You would expect overhead and administration costs to be steady in FY21 compared to FY20 so if they can hold that margin it should be a very healthy FY21 result.
Australian sales grew by $44.6m in just two years, hopefully that growth can continue in FY21 with the UK and Africa also fully contributing.
FY21 also sees the business diversifying with the launch of its new e commerce digital channels. Plenty of potential and still valued at only $8m.