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 an investment in the future, as does the Perth brewery expansion programme. It sets the business up for continued positive momentum under a strong team, whose key challenge in FY20 will be managing this growth. BUY maintained on a $0.120 target price.
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