Ann: Market Update, page-3

It's a simply freakish result - as if the first-half result wasn't outrageous enough (PBT up 81% on pcp), the second half is simply nuts (up 121% on pcp) [All figures normalised and exclude Covid-related government subsidies]

Here's some graphical context to show just how bananas the past 12 months have been for this business:





The sheer scale of the increase in profitability over the past 12 months is difficult to fathom, with Revenue growth of 34% combined with a Pre-Tax Profit Margin jumping to 22%, almost a full 500bps higher than the average of the 5 years preceding the onset of Covid.

The devil is obviously in the detail, so I can't wait to examine the full set of audited financial statements in a few weeks'time, because for the life of me, I can't comprehend how they achieved what they did.

My gob is seldom this smacked.

.