GRB produced an impressive 13.2ML in FY19, of which 8.0ML was proprietary brands. While this delivered expected revenue, gross profit of $25.5m and EBITDA of $5.5m were lower (we had $26.4m and $6.7m). It reflected a lower GP margin (partly due to the sales mix), and additional sales and marketing expenses. The latter reflects anRead more
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