Ann: Azure HY19 Results Investor Presentation, page-6

So moving manufacturing to the US is working out well then... not! But as always there is some reasons or other. Gross margin has come down significantly... it's now well below the margins achieved when manufacturing was in Perth. So ok, the reason given was supply chain problems and higher pricing but was the labour cost in the US not going to be much lower than in Perth which should have offset the higher materials pricing? Also at the time of the move it was said overheads was going to be much lower in the US... still not seeing this. The reason given was $0.54m one off management restructuring cost without any explanation what this was for. It seems there is always a one off costs impact on profit. Previously it was costs of redundancies and relocation to the US.

Their biggest achievement according to this report is that they did 10.7% than the guidance they gave in November.... hmmm!