In February, Supply Network (ASX: SNL) reported its results for H1 FY 2025, marginally beating my revenue, profit before tax, and profit margin expectations. Revenue was $171.2 million up 17.8%, and profit before tax was $28.2 million, up a whopping 31.5%. This strong profit performance was thanks to the net profit before tax margin increasing from 14.74% in H1 FY 2024 to 16.5% in H1 FY 2025. 

Profit after tax was $19.8m, an increase of 31.6% on the prior corresponding period (pcp). This translates to basic earnings of 46.2 cents per share, up about 28.3%, which is less than the profit growth, due to dilution associated with the discounted dividend reinvestment plan. The interim dividend declared was 32 cents…