Notes from quick read through of annual report.

• Growth in revenue of 47% ($13400->$19700)
• Gross margin increase 58% ($7800 ->$12300)
• Company wants to be measured on Operating EBIT (up 33%)
• NPBIT (IPO costs deducted for better comparison) not keeping pace @ 22% ($2433->2972)
• Employee benefit expense up 54% ($8809->13573) –WA expansion, +/- wage inflation?
• Healthy balance sheet after IPO ($6488 Cash vs $2800 total liabilities) even though a decent chunk funneled towards dividends (presumably to reward original owners, currently not at a sustainable level going forward - franking @25%)
•  Low churn and strong organic growth from existing client base. Also adding more government clients (QLD+ fed)

+ Profitable, growing organically, expanding physical footprint from QLD into WA

- Keep eye on cost control and revenue -> bottom line, future dividends & dilution (lower than prospectus but could change). Glassdoor reviews ok but not exceptional although they bill themselves under “Great place to work” banner.

Need to see at least two more reports of improving metrics as listed company before delving deeper and consider buy