Ann: Appendix 4C - quarterly, page-51

A little bit of positivity here?

“The New Zealand Dairy business had a record sales quarter of $3.4m and its highest sales month to date in March 2021 as it continues to reap the benefits of scale and efficiencies from the second manufacturing plant in New Zealand. Furthermore, the New Zealand business recorded a surge in EBITDA realising a positive swing of $1.5m, from a prior year loss of $778k. Keytone will seek to further accelerate this growth and momentum through the coming 12 months”

That’s a $1.5m EBITDA from $11.3m in revenue. A decent 13.2% EBITDA margin. Suggests gross margins are lifting in the NZ business?