Sorry I ran out of time and had to cut my previous post short. I...

Sorry I ran out of time and had to cut my previous post short. I have a bit more time now so I will expand on the gross profit margin (GPM).

If we look at pre-acquisition margins:

• MNF direct business = 64% GPM
• VN8 = 30% GPM

The average of the two is 47% GPM.

GPM in 1H22 was 50%. So the math more or less checks out.

Management haven't found some secret way of increasing gross profit, they have simply made smart acquisitions. This strategy is just in the early stages.

Acquire business with high gross profit > integrate > cross sell > repeat.