I don't agree second half margin in gift an incentive was 8.6 per cent and as the GDV was low and revenue high which was actually a lot of breakage
operating margins look were flat
EBITDA margins were up 1 percent on 30 per cent revenue growth
you need to check the details
Key Takeaways from FY2019 result and $5.75 Valuation, page-4
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