Ann: 31 December 2021 Interim Financial Report, page-2

Main figures :
- revenues : + 82 % to 12.4 m,
- gross profit : + 182 % to 6.5 m (gross margin : 52.4 % vs 33.8 %),
- expenses before tax (excluding changes in fair value for oysters) : + 2 % to 3.36 m
Overall, normalised EBITDA : 3.9 m vs 0.5 m.
This level of normalised EBITDA is in line with their cash flow from operation (4.2 m for H1 21).

So, this is a confirmation of the good trends since FY 17 : production increase, together with good cost control.
Again, we can also see the impact of the good pricing effect since last year. So gross margin remains at a comparable level to FY 21 (gross margin of 54.1 % in FY 21 vs 38 % in FY 20).
Also interesting to note that the increase of working capital (due to the strong increase of their revenues) is not affecting much their cash flow.