David Williams on Talk Ya Book with Chris Judd, page-26

if you go back to last years full year result presentation, you will hear DW say they have reached break even and that it’s a red letter day. They posted a small loss for the year.

I suspect some hoped for them to go on and build on that, but instead they will likely end up in a similar position 12 months later. That is a cash flow negative first half and a cash flow positive second half. with a small loss for the year.

So 12 months on, they have potentially just grown sales and expenses at the same rate.

I think the market and the shorts included, are waiting for evidence that they are going to move beyond that and not end up in the same position or similar again 12 months later.

Which is what I’m looking out for, with more visibility on sales provided by the company and hoping that costs come under control, and not outpace sales growth as it did in the first half this year (revenues grew 42%, and costs grew 53% half on prior corresponding half).