Ann: Appendix 4C - quarterly, page-24

From an unemotional perspective, this looks bad. The company has always had lumpy cash flows, that were typically better over the northern winter being linked to bedding sales.
This 50% increase in rev isn’t out of the ordinary but is just as likely to fall again over next 6 months. Nothing to be excited over yet, especially when margins are deeply negative
when considering just operating and staff costs.

But the worst look of all is cash and equivalents. Down from 10 mil at the start of the year to now less than 5 in just 9 months. Another 6 months before their suppliers will start asking for cash in advance, then their creditors will begin thinking about how they’ll get their capital back.
6 months to show they can turn this around
Theres slim chances of further raising if they can’t achieve tangible results by then.

Some $15k in trades so far today. All except a few small retail traders didn’t notice this Ann