Hindsight, page-182

Maybe become a Fosters client and ask them, or ask the company if they can give a ballpark I'm just repeating what they've said.

I'm sure the margin refers to margin on sales, and doesn't include the costs of the company (wages etc) or tax. Take a look at this report:

Alexium International Group Ltd (AJX.ASX)

They project EBITDA of $90 million and NPAT of $60 million on revenue of $250 million (i.e. 36% gross margin). I agree it's very high, but if you read the company guidance and announcements you'll see that legislative changes and their unique capability may be creating a perfect storm of a sales pitch. They're not looking to push in to an existing market, the playing field has changed and they have first mover advantage coupled to a near term necessity for change from their customers.

I note that on your linked file that for specialty chemical companies (i.e. exactly AJX's sector) that EBITDASG&A is 37% so about right?