Ann: Quarterly Report and Appendix 4C, page-8

the challenge is that none of their business lines are PBT positive - AU/US/UK........in 2H21 they had a PBT of -9m with 25m in sales, and even in 1H22 with ~38.7m in sales at a margin of 47% (so a gross profit of ~18m) they have to cover ~24.5m in expenses (based on 2H21) so an estimated PBT loss of ~6.5m

the US business looks great from a top line perspective, but they have to be able to scale without adding employee costs and/or digitise so that margins improve

having said that, only the US business can support this valuation because the Aus business (as large as it is) only generates ~12m in annualised revenues and has not ever made a profit.......they have to look at pricing because with 4000 pharmacies (sure >50% of the market) and still losing money something is wrong with the model