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	INCOME STATEMENT
	Consolidated Statement of Operations ($mm)
		Historical			Projected
	($mm)	FY2023	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030
	Revenue	440	477	510	550	595	643	688	735
	Cost of Goods Sold	(255)	(274)	(291)	(311)	(333)	(357)	(378)	(401)
	Gross Profit	185	203	219	239	262	286	310	334
	Gross Margin (%)	42.0%	42.5%	43.0%	43.5%	44.0%	44.5%	45.0%	45.5%
	OPERATING EXPENSES
	Selling, General & Administrative	79	83	87	91	95	100	103	109
	Research & Development	26	29	31	33	35	36	38	40
	Other Operating Expenses	9	10	10	10	11	11	11	11
	Depreciation & Amortization	18	19	20	22	23	24	25	26
	Total Operating Expenses	132	141	148	156	164	171	178	186
	EBITDA	70	81	92	106	121	140	158	175
	EBITDA Margin (%)	16.0%	17.0%	18.0%	19.2%	20.4%	21.7%	22.9%	23.8%
	EBIT (Operating Income)	53	62	71	84	98	115	132	148
	Operating Margin (%)	12.0%	13.0%	14.0%	15.2%	16.5%	17.9%	19.2%	20.2%
	INTEREST & OTHER
	Interest Expense	(13)	(13)	(12)	(10)	(9)	(8)	(6)	(5)
	Interest Income	2	2	2	2	1	1	2	2
	Earnings Before Tax (EBT)	41	51	61	75	91	109	128	146
	Effective Tax Rate (%)	24.0%	24.0%	24.5%	25.0%	25.0%	25.0%	25.0%	25.0%
	Income Tax Expense	(10)	(12)	(15)	(19)	(23)	(27)	(32)	(37)
	Net Income	31	39	46	57	68	82	96	110
	Net Margin (%)	7.1%	8.1%	9.1%	10.3%	11.5%	12.7%	14.0%	14.9%
	KEY METRICS
	Revenue Growth (%)		8.4%	6.9%	7.8%	8.2%	8.1%	7.0%	6.8%
	Net Income Growth (%)		24.8%	19.4%	22.0%	20.6%	19.7%	17.6%	14.2%
	Notes:
	- Green text = cross-sheet reference (linked from supporting schedules)
	- Income tax calculated only on positive EBT; tax losses not carried forward in this model