This year will be busy as the Perth brewery is upgraded and efforts are made to drive east coast brand awareness and growth. We expect more sales & marketing expenses in FY20, and inventory build to impact working capital in the first half, but note additional capex and opex are necessary precursors to longer term growth. A shift in product sales mix to reflect ~4ML contract volumes pares back our anticipated GP margin in FY20, and is largely responsible for a revised $7.2m EBITDA forecast (prior $8.4m). We remain attracted to positive industry tailwinds, and the efforts being made by GRB to seize the opportunity this provides. Our BUY call and $0.12 target price are unchanged.
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