there is a difference between unadjusted and underlying ebitda. it's hard to speculate here but I believe the underlying figure is about 10% higher going off fy22 comparable. make the adjustment and see that perhaps it is not an ebitda loss for the second half
I thought the same as you but now realise needs more work to conclude
overall i was hoping for more clarity on the cash but it can be calculated none the less. I will work it out later today as it will take time. either way not too bad. no loss for the half even though working on low margin prepaid work and a tidy upgrade showing revenue generated for cash generating work ie non-prepaid contracts.
I think the stock will take a break from sliding on this. fundamentally the market cap versus sustaining ebitda is attractive. and management now have multiple year growth track records. big contracts coming up will be the real catalyst.
(20min delay)