Ann: Preliminary Final Report, page-20

I think the company would explain the large rise in gross margin as being a consequence of the change in sales mix. The high margin EZZ brand made up 88% of revenue in FY23 but only 54% of the revenue in FY22. The third party brand EAORON has margins in the 20 - 30% range and these sales have declined in FY23 due to a refresh of the product lines. The EZZ brand itself may have experienced higher margins in FY23 on the back of greater volume, I would assume.

One thing that has caught my eye is that Vita Life Science (VLS) also called out surging vitamin sales into China from Australia this calendar year, up about 33% and not a dissimilar figure to EZZ's sales growth. Let's hope it continues!