Key Performance Indicators
FY2024 Full Year vs Budget & Prior Year
Total Revenue
$53.9M
$53,858k actual
▲ +11.1% vs PY
▲ +1.8% vs Bud
Gross Profit
$24.2M
GP Margin: 45.0%
▲ +1.8% vs Bud
↔ Margin in line
EBITDA
$10.5M
EBITDA Margin: 19.6%
▼ –$83k vs Bud
▼ –0.5pp Margin
Net Profit After Tax
$5.5M
Net Margin: 10.2%
▼ –$94k vs Bud
▲ +$1.2M vs PY
Operating Cash Flow
$8.1M
Cash conversion: 77.0%
▲ Strong conversion
Cash on Hand (Dec)
$8.3M
vs $2.8M at Jan opening
▲ +$5.5M YTD build
Revenue Analysis
Monthly actuals vs budget vs prior year, and channel mix
Monthly Revenue: Actual vs Budget vs Prior Year
AUD $'000 · Jan – Dec 2024
Revenue by Channel
FY2024 full year split
In-Store Retail
$22,620k
42%
Wholesale / B2B
$15,080k
28%
Profitability Trends
Monthly margin progression and operating cost waterfall
Gross Margin & EBITDA Margin (%)
Monthly trend — FY2024
Operating Cost Waterfall — FY2024
How revenue flows to EBITDA
Less: Cost of Sales
–$29,622k
Gross Profit (45.0%)
$24,236k
Sales & Marketing
–$4,449k
Operating Expense Breakdown
Actual spend vs budget by category — FY2024 (AUD $'000)
Profit & Loss Summary
H1 / H2 / Full Year 2024 vs Budget
| Line Item |
H1 2024 |
H2 2024 |
FY 2024 |
FY 2024 Budget |
Variance $ |
Variance % |
| Revenue |
| Total Revenue |
23,398 | 30,460 | 53,858 | 52,900 |
+958 | +1.8% |
| YoY Growth | +10.4% | +11.6% | +11.1% | — | — | — |
| Cost of Sales |
| Cost of Goods Sold |
12,869 | 16,753 | 29,622 | 29,095 |
–527 | –1.8% |
| Gross Profit |
10,529 | 13,707 | 24,236 | 23,805 |
+431 | +1.8% |
| GP Margin | 45.0% | 45.0% | 45.0% | 45.0% | — | — |
| Operating Expenses |
| Sales & Marketing |
1,950 | 2,499 | 4,449 | 4,232 |
–217 | –5.1% |
| Payroll & HR |
1,680 | 2,188 | 3,868 | 3,708 |
–160 | –4.3% |
| Occupancy |
940 | 1,214 | 2,154 | 2,116 |
–38 | –1.8% |
| Technology & Systems |
350 | 457 | 807 | 795 |
–12 | –1.5% |
| General & Administrative |
1,040 | 1,372 | 2,412 | 2,325 |
–87 | –3.7% |
| Total Operating Expenses |
5,960 | 7,730 | 13,690 | 13,176 |
–514 | –3.9% |
| EBITDA |
| EBITDA |
4,569 | 5,977 | 10,546 | 10,629 |
–83 | –0.8% |
| EBITDA Margin | 19.5% | 19.6% | 19.6% | 20.1% | –0.5pp | — |
| Below EBITDA |
| Depreciation & Amortisation |
1,076 | 1,080 | 2,156 | 2,124 |
–32 | –1.5% |
| EBIT |
3,493 | 4,897 | 8,390 | 8,505 |
–115 | –1.4% |
| Net Interest Expense |
276 | 264 | 540 | 520 |
–20 | –3.8% |
| Earnings Before Tax |
3,217 | 4,633 | 7,850 | 7,985 |
–135 | –1.7% |
| Income Tax (30%) |
965 | 1,390 | 2,355 | 2,396 |
+41 | +1.7% |
| Net Profit After Tax |
2,252 | 3,243 | 5,495 | 5,589 |
–94 | –1.7% |
| Net Margin | 9.6% | 10.6% | 10.2% | 10.6% | –0.4pp | — |
Cash Flow
Monthly closing cash balance and operating cash generation
Monthly Closing Cash Position
AUD $'000 — end of each month
Monthly Operating Cash Flow
Net cash generated from operations — AUD $'000
Operating Cash Flow (FY)
$8,130k
Cash from operating activities
▲ OCF / EBITDA: 77.1%
Capital Expenditure (FY)
–$2,380k
Net of disposals
4.4% of revenue
Free Cash Flow (FY)
$5,750k
OCF less capex
▲ FCF Yield: 10.7%
Balance Sheet
As at 31 December 2024 — AUD $'000
Assets
Cash & Equivalents8,340
Trade Receivables6,820
Inventories12,450
Prepaid & Other Current1,240
Total Current Assets28,850
PP&E (net)18,640
Right-of-Use Assets9,340
Intangibles4,120
Other Non-Current880
Total Non-Current Assets32,980
Total Assets61,830
Liabilities
Trade Payables8,940
Accrued Liabilities3,210
Current Lease Obligations1,850
Other Current Liabilities940
Total Current Liabilities14,940
Long-Term Debt12,000
Lease Liabilities (LT)8,640
Deferred Tax Liability1,840
Total Non-Current Liabilities22,480
Total Liabilities37,420
Equity & Key Ratios
Share Capital8,500
Retained Earnings13,315
Reserves2,595
Total Equity24,410
Total L&E61,830
Working Capital Metrics
Working Capital$13,910k
Current Ratio1.93x
Quick Ratio1.10x
Net Debt$12,300k
Net Debt / EBITDA1.17x
Key Financial Ratios
Return on Equity
22.5%
NPAT / Total Equity
Return on Assets
8.9%
NPAT / Total Assets
Debt / Equity
0.85x
Total Debt / Total Equity
Interest Coverage
15.5x
EBIT / Net Interest
EBITDA Margin
19.6%
EBITDA / Revenue
Net Margin
10.2%
NPAT / Revenue
Asset Turnover
0.87x
Revenue / Total Assets
Inventory Turnover
2.38x
COGS / Avg Inventory