A couple of small question marks/ negatives in this report.
Good gross margin improvement (up $2.5m) on weak sales growth, but EBIT only up $0.5m. Why? One-off operating costs in FY17 or some more worrying explanation?
Cash flows and working capital mgmt was poor. Working capital excl cash/debt increased by $4.2m when sales only grew 2%. The cuplrit was higher inventory (over $2m up) and lower payables (less concerning). As a result they now have net debt again, and higher interest costs. A slightly weaker starting place to launch into adjacent and aligned markets than previously.
They've stopped reporting to the dollar - now rounding to $000s.
Ann: Preliminary Final Report, page-3
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