Just scanned doc first time, results of last 8ish years look incredibly impressive.

management clearly appears incredibly focused and driven to achieve such high and consistent growth.

two conerns,

- COO Carl was declared bankrupt in 2010, looks like he fully channels the entrepeneurial spirit, you’d want that in check with some risk management.

- valuation. Current valuation appears to be roughly 8x forward ebitda, assuming their half year to sept 2022 figures annualise linearly. Growth from most recent half year appears to be equal to entire previous full year, 3.45m ebitda for 6 months to 30th sept vs 3.22m ebitda for full year to 31st march 22022.

looks like a rarely vauable addition to the NZX but I won’t be jumping in at current price.