While PBT and NPAT growth of 24% appears impressive, the quality of this result is not quite there with this result given they booked a $7.4m reversal of a contingent consideration - a meaningful number in the context of PBT of $52.7m. On the other hand, they invested around half of that back in to additional Marketing, so the true net NRIs can be argued to be around $4m.
So adjusting for that has underlying growth in PBT of 14%, which is still most credible given the tough operating environment and inflationary CoDB being experienced by all companies (TNE's CoDB is up by 8.7% on pcp)
With EBIT margins above 30% and ROE (completely unlevered) close to 40%, it's a beast of a business model (and certainly now valued that way!)
.
Ann: Half Year Accounts, page-2
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