What is impressive is that ANZ revenues continue to improve (although would like to hear how profitable all that investment into NZ is doing) and the margins on that are exceptional especially if they can keep on making transactional fees.
The US margin in 4Q24 was exceptional although the FY24 margin in the US is unchanged.....if they can continue the push on THRiV which seems higher margin, with the run rate of ~100m, each percentage point adds another $1m to the bottom line.
On a gross profit of ~$31m in 2H24, and costs of ~$36m in 2H (assuming unchanged from 1H), then they get a profit before tax of just above $1m for the full year........impressive change in the company since Ratliff joined (and making clear decisions on the UK, costs cuts in the US to improve margins), but now need to maintain that growth (with improving profitability) to support this valuation
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