You say that the second helf was not a great half, but it's well established that the first half is where they derive the most profit. Just have to look at their half yearly and it tells you there.
I agree with your numbers and I agree that the second half is not as strong as the first, but what is important is the trend. It's a consistent growth rate and shows a strong YOY uplift in profitability.
- HY 31Dec18 = $39m rev, $495k loss
- HY 30Jun19 = $44.3m rev, $2.2m loss
- HY 31Dec19 = $44.5m rev, $2.4m profit (+$2.9 mil YOY)
- HY 30Jun20 = $41.3m rev, $0.51m profit (+$2.7 mil YOY)
So i'm not saying your analysis itself is wrong, just the conclusion you have drawn.
Happy to be in this one for the long term if they can continue to grow the business in this fashion.
You say that the second helf was not a great half, but it's well...
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