Ann: Full Year 2021 Results, page-7

I'll do some more digging into these stellar results over the next few days but the following is worth highlighting:
- I love that these financial statements dont include proforma adjustments, significant items etc etc. What you see is what you get and what is see is phenomenal growth
- It is clear that this business is firing on all cyclinders as they've highlighted that revenues accelerated through the half to the point where they were up 40% in June. This bodes very well for 2022 and suggest they will continue to do well despite COVID lockdowns
- Cashflows were strong despite significant working capital investment to support growth. This should give us a nice shock absorber if there is a slowdown as this working capital i vestment will unwind and support robust cash flows
- The dividend payment was actually conservative which provides comfort that it can be sustained even if there is a slight slowdown
- Training performance wasnt great in H 2, but I suspect this will be more impacted by shutdowns and provides some further upside going forward

Overall, this was a truly stellar result. It went ex div today which explains the decline but this stock is well positioned to continue to make hay while the sun shines.