That's a nice report .... NPAT has more than doubled, operating costs very well managed, FCF +$8.5m (ie FCF yield is a monstrous 25%!!!), Net Debt down to $4.5m from $15.5m pcp. Despite a history of poor corporate governance and obvious agri related risks, the new management team and board renewal appears to have now established a much more stable operating platform from which FRM looks well set to benefit from a favourable macro environment.
Watch for a statement in any upcoming company presentations regarding future dividend intentions, we could well see this thing on a Div Yield of +15% (if share price remains around current prices).
Ann: App 4E & Full Year Statutory Accounts, page-2
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