Ann: HY23 Investor Results Presentation, page-3

So Revenue and Margins looking good but all a bit overshadowed by the fat lump of borrowings just landed on the Balance Sheet.

Revenue has built steadily across the last, say, seven years although the covid years have made it a bit harder to judge the growth rate.
Not as sure about referring to the margins as good as per the table below:



There was, of course, the issues with supply chains and freight costs across the last few years but I was mildly bemused when comparing the latest margin (56%) with the margin achieved in the second half of the 2022 financial year (59%).
I'm sure it's much more inefficient stopping and starting a manufacturing company than it is with a service organisation so the margin reduction across the last few years overall is understandable.
My hope is that further reductions in freight rates (although smaller going forward) together with some efficiencies resulting from their newly acquired premises will restore their margins to the historical rates of around 60%.
The issue for me is that revenue increases over time seem to be equaled by their sales and administration costs across the same period referenced in your post.
So much so that profits and EPS have hardly moved across the last seven years.
I have owned share here in the past and sold out only recently as I struggle to see the future growth.
If I could buy in now at under $0.85 I'd go for it as I love Australian manufacturers who market around the world.