Just a question around calculation of GP margin - how are you calculating this exactly? (I'm getting a different figure and want to know what I'm doing wrong...)
I've taken a very basic approach of Gross Profit (defined as Revenue - CODB) / Revenue.
If I take DH2014 figures I get:
Gross Profit = 31,617-12,878 = 18,739
Revenue = 31,617
GP / Revenue = 59.27% (different to the 64.1% you have)
I'm probably missing something important here, which is why I ask.
Nevertheless, the trend in GP margins (which is the important part) is clear regardless of which figures I use.
Just a question around calculation of GP margin - how are you...
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