H2 results look quite good : - revenues : + 100 % vs + 43 % for H1 24, - EBITDA margin of 19.5 % vs 7.8 % during H1 24 (low basis of comparison as EBITDA decreased by 7 % during H1 24).
The main point regarding their H2 results was probably that they were able to accelerate the sales and increase gross margin at the same time (GM of 79.6 % for H2 24 vs 78.6 % for H2 23). This increase of sales was also achieved with an improvement of their ratio (ad and marketing)/ sales which decreased from 57.7 % during H2 23 to 57 % during H2 24.
Also good to see that there was no one off to boost their cash flow during FY 24, as they paid a normal tax rate and had an increase of their working capital. So their free cash flow yield of 7.9 % is high, looking at the level of growth for the company.
