* Marshmallow range expected earnings before royalty of $2.3mill...

* Marshmallow range expected earnings before royalty of $2.3mill (after royalty $1.8mill) => 25.7% AFTER royalty

* Toyway last year earnings was $500k on $4mill revenue => 12.5% margin.

* Enertec, Toyway and Reveal margin forecast to be around 13.3% on revenue of $15mill.

So based on the above figures the indicated approx profit margin is 17.25%. (NB Modern Brands figures are not included)

I expect a larger revenue in the higher margin marshmallow range and I expect improved synergies and therefore lower combined costs due to hopefully the amalgamation of some of the management and staff, however, I am not sure how progressed BRT are in this aspect...

20% margin is very possible and 25% may be wishful but not impossible.