Marketing spend was ~10% of revenue in the first half, this quarter apparently "low double digit"( call it 11.5% of sales?). So sounds like marketing spend was a higher this quarter by maybe 2 or 3m compared to the first half rate. Even adding that back to adjusted EBITDA you get a margin of less than 5%, and we also have to realise that if marketing spend was reduced that would impact sales and EBITDA. I am assuming the margin has dissapointed the market? What was consensus adjusted EBITDA?
Ann: Q3 FY24 Trading & Market Update, page-55
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