I also forgot to mention that the BHA business that was acquired had its expenses included from Q4 FY17 onwards but we are yet to fully unlock the value of this acquisition ie. thousands of new business leads, relationships, integration benefits etc.
This added close to ~$1m in additional expenses in the final quarter lowering margins temporarily to 24% as per the recent investor presso. The recent gross margin compression is purely transitional IMO and to be expected as the business goes from a $7.5m annualised rev run rate at the end of FY16 to ~$40m annualised at the end of FY17 and potentially ~$80-100m annualised run rate at the end of this FY. I'll be buying into any short term weakness.
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