Ann: Profit Update, page-8

Reading it a little more and they must’ve finally had a good result re shipping the Alusion (or possibly the dispersions are much higher margin-noting there was an order for 500k in November). Last FY it took ~7m of raw materials for ~12m in revenue, 58% cost of raw materials. This is now down to ~ 50% (assuming other costs stay broadly similar at approx 1.25m for the half). 11.3m revue less 1.25m 10m providing nearly 5 mill profit. So either an increase in selling price, a decrease in raw materials cost or they’re finally moving more higher margin (Alusion) product. Hopefully when they release 1h results we can get an update on the composition