Good run over the past year, however latest half yearly report not encouraging.
Fall in revenue went straight through to the bottom line.
Profit figure boosted by reversal of provision on onerous lease expenses (not a cash profit). Without the provision, profit before tax would have been 0.6m and estimated NPAT of 0.4m vs prior year of 3.7m. Not a good look.
Not happy with the increased net debt of 11m or so - was hoping that the need for extra borrowing was on the way down.
No interim dividend announced. Could see a cut to the dividend at the full year if the same performance persists into 2nd half.
Would have liked to have seen more consistency but the industry dynamics do not appear to be favourable at present (high $, customer buying power)
AVG Price at posting:
46.2¢ Sentiment: None Disclosure: Not Held
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