RE: Trading update: an excellent quarter (full research report here)22 Feb 2024 08:33
Lemonade - the £2.4m gross profit you refer to is not a full year - that was at H1 when Elf products had only been sold for a few months. Also, where have you got the £16m working capital investment figure from? Look at the total stockholding at the end of H1 of £30m - you really think half of the stockholding would be Elf? An initial investment into Elf stock would have been made of nowhere near that amount and then ongoing revenues from that fund further stock purchases