Someone on the result call asked a question about how much - in ballpark terms - the logistical issues being experienced impacted the GP Margin in the second-half.
The answer came back as "around 100bp" but the subsequent elaboration in the answer suggested it could easily have been more.
Still, even if we assume it was 100%, and we assume that at some stage the Covid-induced logistics bottlenecks will become a thing of the past, then adjusting for that 100bp of foregone margin, would result in a $450k uplift, a not-immaterial number in the context of $4.25m JH21 PBT (ex- Covid subsidy payments).
So, one could quite easily mount a defensible argument that the second-half result is understated by between 12% and 15%.
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SDI Price at posting:
$1.02 Sentiment: None Disclosure: Held
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