NWL 3.81% $21.80 netwealth group limited

These guys are on my watchlist for sure.My one concern is that...

  1. 686 Posts.
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    These guys are on my watchlist for sure.
    My one concern is that their staff costs are rising faster than revenue, causing the NPAT margin to decrease.
    Revenue up 19%
    NPAT 'flat' yet a solid 32% of revenue...BUT down from 38% FY21...that's a 15% DROP...
    Any management comment on this?
 
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