My preliminary thoughts on the latest update:
- Very stong expansion in Gross Margin to 65.6% from just 56.6% only 6 months ago. The higher the gross margin, the more capital a company retains, which it can then use to help support sustainable growth.
- Over the last 6 months, JAN has used $3.0M of the additional $4.7M of Gross Profit in increased Operating Expenses. Operating Expenses are the engine room of innovation, sales, marketing and (non-capitalised) research and development. This gives me confidence about continued stong growth for JAN.
- Because of this increased investment in growth, EBITDA and profit growth has been delayed. IMO both profit measures will be higher and grow faster within the next 2 years than if JAN had prioritised early profit growth by not investing for growth. Shareholders should benefit from that.
Ann: JAN Preliminary 1H22 Results Update, page-2
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