@Maestro73,
Gearing of 47% is quite meaningful when almost 120% of the balance sheet is comprised of intangibles.
I suspect you might not have truly seen operating leverage in action when like-for-like sales stall in what is largely a fixed cost business.
The resulting impact on the bottom line is not pretty.
@Maestro73, Gearing of 47% is quite meaningful when almost 120%...
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