ann: prelim final report, page-2

Sales = 4,301,143
Cost of Sales (3,740,483)

Margin therefore = 15%

$wise and %wise this is much better than last year.

I'm no accountant and I guess somewhere in these figures there are still inflated costs due to trials and early low volumes, so as volumes continue to increase, I guess we are going to see this % rise, hopefully closer to 25% (minimum) in the next 12 months.

They will still be well off critical mass of their current production capability even in the next 12 months, so there is still plenty of scope for improving economies of scale and improving margins up towards 50% and hopefully higher over time.