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Tumbleroll

3,495 Posts.

29/02/16

16:40

Post #: 17145704
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Originally posted by Grant62 ↑

Even the BUSINESS SPECTATOR is getting confused:
The problems within the UK businesses were underscored by their performance pre-impairments. Between them the two business units Slater & Gordon has in the UK incurred first-half losses (at an earnings before interest, tax, depreciation, amortisation and movement in WIP level) of $34.2m, outweighing the $16.4m generated by the Australian business and pushing the group $17.8m into the red on that basis.

The BUSP comments were to EBITDAW, not to EBITDA. At the EBITDA level, AU lost ($13M), the UK lost ($33M) and SGS lost ($21M).

Lined up next to each other:
EBITDA
* AU = ($13M)
* UK = ($54M)

EBITDAW
* AU = +$16.4M (up from $14.2M at H15)
* UK = -$10.2M (down from $18.4M at H15)
* SGS = -$24M
* Group = -$17.8M (down from +$32.6M in H15)

So, WIP movement seems to be:
* AU = -$29.4M
* UK = -$43.8M

AU is performing to expectations according to slide 6 of the Presentation, yet it made:
* EBITDAW = $16.4M
* EBITDA = ($13.1M)
* NPBT = ($22M)

AU revenue for the half was $124M ($163M in H15), so without any further gains on bargain purchase which otherwise boosted the H15 revenue line of which:
* PIL = $90.5M ($99.4M in H15), so down ~$9M YoY.
* GL = $32.6M ($26.2M in H15), so up ~$6.5M YoY
* AU (all) = $123.1M ($125.6M in H15), so down $2.5M YoY.

Not bad for a business segment that was performing to expectations. What next? More losses?

The OPEX cuts are clearly needed also in the AU business setting, not just in the UK.

Expand

Your sentiment is still 'hold' Grant?

SGH Price at posting: 58.0¢ Sentiment: Hold Disclosure: Held
1 Upvote

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Last $51.90		Change 1.810(3.61%)		Mkt cap ! $21.04B

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