Ok bros. Just spent 20 mins slapping this bad boy together. Lets assume that the warehouse sale doesn't form part of the revenue and that Kaddy integration doesn't form part of pmoc.
What looks good is that the expense ratio is definitely falling. It seems that most of the efficiency is being drawn from the fact that admin costs seem to be relatively consistent no matter the size of the business- I assume a lot of fixed costs here. Advertising has also helped bring down the ratio- guessing that online advertising these days is extremely efficient + they mentioned there is a lot of word of mouth "advertising/ signups" hence essentially 0 advertising cost for that revenue. Same concept for staff- staff hires can be very lucrative- with typically excellent roi per head when managed correctly.
Looking at PMOC/revenue- was looking really good past 6 months with efficiencies starting to come in. Would be curious to why PMOC was so high this quarter- and Kaddy integration would be a very convenient scapegoat. Partons should be adding efficiency- but given this was the first full partons quarter- leads to question marks around the business I guess..? What is definitely positive- is that this Christmas period we had a PMOC/revenue of 0.8 compared to last Christmas of 1.3- so comparing like for like seasonality seems we performed more efficiently this Christmas.
Super interested in everyones perspective / how you guys dissect the data.
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