And there you have it... as expected, IMO one of the motivating...

And there you have it... as expected, IMO one of the motivating factors for management, page 10 of the William Buck report:

"An employment contract is entered into between ICU and Darryl Ellis (Chief Executive Officer MLA)"


The Employee benefits (page 20 WB report), a fairly sizeable ramp up in the sales team, which should have a material impact/expectation on sales going forward in FY18.

Employee benefit expenses is MLA's largest overhead, accounting for approximately 60-64% of overheads across the period reviewed. Employee benefits expenses have increased largely in line with sales growth, with employee expenses representing 24.1% , 24.2% and 24.5% of sales in FY 15A, FY16A and FY17A, respectively. Employee benefits expenses are budgeted to increase by $522k (16.2%) to $3.7m in FY18B, which represents 28.6% of budgeted sales. Management has advised that the increase relates to new staff hires associated with both the Tuta and Clements (including Ardo) divisions."


First inspections..pretty standard and as expected (exactly what MLA management want to see/paid for). Will have a detailed read through over the weekend.


all IMO, DYOR etc...