In line with progress report in early February, GRB’s interim EBITDA of $2.1m came in as expected. The results showed ongoing growth in proprietary brand sales, and with these sales increasing as a proportion of the overall sales mix, the GP margin for the period improved to 66% (1H18 59%). Strategic goals are being met, and recent additions to the management team will help provide a structure to help replicate west coast brand recognition success on the east coast. The momentum in the business is positive and, with strategy evolving and brand awareness climbing, it continues to underpin a BUY call. Our target price of $0.122 is unchanged.
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