Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27

What matters most for any stock is performance on a per-share basis. Below, I've presented the absolute numbers and also the per-share numbers for both the top line (revenue) and the bottom line (NPAT).

For the FY22 result (12 months ending 31st March 2022), I've used 274m shares on issue (SOI) because The Healthy Mummy financials (~$25m revenue and ~$4m profit) are not included in the FY22 result. From FY23 onward, the THM financials will be included in the Halo result, and thus it makes sense to use 400m shares on issue from that point onward, as the additional shares were issued for the purpose of acquiring THM.

Importantly, although this FY22 result was not yet NPAT positive, it has improved from a loss of $8.2m in FY21 to a loss of $3.9m in FY22. Of course, it's still sub-scale and is very much a low margin, volume-dependent business -- and one facing cost pressures and that operates in a cyclical and discretionary sector. That (in addition to trust issues and a damaged shareholder register) explains the extremely low valuation ($24m market cap).

But, on these growing top-line and bottom-line per share figures, it is a valuation that I think has grossly underestimated the potential of this diversified and vertically integrated health & wellness company. The share price drop today to 6.1c was another kick in the guts but I personally retain the view that this investment has the potential to be valued at $100m+ in the next few years. I might be completely wrong (and it certainly wouldn't be the first time!) -- time will be the ultimate arbiter.

I personally think the board and management are making the right decisions to set up the company for long term success. Happy to have a constructive, respectful debate on that.