Ann: Investor Presentation FY24 1H Results, page-8

Sentiment has certainly deserted this stock. Share price has fallen 13.75% since announcement.
Whilst Retail investors (who make up 52% ownership), may not have been enamoured with the result, they may be taking profits after a strong run up past 6 months:



Results appear to have met expectations with UBS and Wilsons maintaining a buy rating. Mean consensus of 6 analysts is Outperform (3 Buy, 1 Outperform, 2 Hold) with an average 1 year price target 0f $2.72.

Management were somewhat guarded with their outlook statement which may be affecting sentiment:
"Macro-economic conditions are likely to be challenging in the short-term, and the business is taking steps to reduce the adverse impact of inflationary pressures and changes in commodity cycles."

As Hopeful noted, cashflow was negative $14.1M (Including dividends paid $13.3M). Operating cash flow was down 38%, primarily due to increased working capital requirements:



@Solarpat
I would be interested to learn at what point and on what basis you consider 'buying time'.
Based upon current and historical P/E, Ridley is more expensive than its peers and at 6 year highs.