I know what you're saying David, but you can tell that the actions of the management team have been positive by cost control.
The costs of running the business shouldn't increase at the same rate as turnover, which in turn negates any chance of making a (decent) profit.
They will have done a good job if they have set up the business so that costs under control as business picks up and profits are maximised.
That's a simplistic view and I'm sure people with a degree in economics have a better qualified view and a better explanation.