Ann: TWD Investor Presentation, page-3

If they can hit those appointment forecasts (they'd know about part of August already), they'll increase sales volumes easily. Then I'm only looking for two things:

- Credit availability: I'm expecting it to loosen a little
- Margins: H2FY19 was horrible if you look at revenues/cost of sales. Cost of sales were >84% of revenue (16% GP), where they were 80% (20% GP) for the full year last year.

Interestingly, they point to advertising being the focus, and it cost them less this year than last. However, sales appointments indicate it's far more effective. That change is clearly working.