Interesting analysis, Ian. There are many questions left unresolved: Why such a low pre-Covid GM? Why interest free debt pre-2022? Why SG&A bloat post-Covid? This looks like a business that was surprisingly weak and ill-positioned to survive any shocks.
Thanks Gary - yes there are always questions left, but I think the 'big picture' is clear and that's where a lot of the lessons for other businesses sit.
Interesting analysis, Ian. There are many questions left unresolved: Why such a low pre-Covid GM? Why interest free debt pre-2022? Why SG&A bloat post-Covid? This looks like a business that was surprisingly weak and ill-positioned to survive any shocks.
Thanks Gary - yes there are always questions left, but I think the 'big picture' is clear and that's where a lot of the lessons for other businesses sit.
Great article Ian. Really enjoyed it and the lessons it clearly paints