Yes, that's the common interpretation of "turnover". It's also worth noting that he's successfuly expanded beyond his initial offering such that modmypi.com is

Yes, that's the common interpretation of "turnover". It's also worth noting that he's successfuly expanded beyond his initial offering such that modmypi.com is a one-stop-shop for all things Pi. Plus modmypi donate 5% of all profits back to the Raspberry Pi Foundation.