I believe ANO has adopted a new accounting standard which impacts how revenue is received.
My prior understanding was that revenue was recognised when goods were "shipped".
The half yearly has this comment within which explains how they have adopted new standards, for the first time, which change the revenue only being accounted for when it is delivered to the customer.
This makes the first half sales result even more impressive IMO as we know they have been working 24/7 non-stop throughout Christmas break - there would be a lot of outstanding orders that did not yet get accounted for in the half result, although in the prior period would have been "shipped" and thus counted.
I believe the 2H forecast is extremely conservative and is more likely to be a figure that is almost guaranteed / committed to by customers already (and only from Jan-March) without factoring in sales that will come in to boost the figure over the remaining months in the FY. Effectively there is another 3 months of sales (during our busiest peak US Spring period) not forecast and factored in to the projection?
The board has previously told us that 75% of sales occur in US spring period (March - May) which is during the 2H period - do the math yourself on this figure if the sales growth were to continue at similar pace. (Bear in mind the board previously told us to expect that to be the case.)
You only have to look at how often these guys upgrade their projections. Compare an earlier forecast of FY19 compared to what we got more recently. I am certain that the $10.5m revenue figure is a very low baseline for what is actually possible.
(Forecast from August 2018)
(Forecast from January 2019)
These figures come from a board that has a history of being significantly conservative in its forecasting and provided numerous revenue and profit upgrades (heck we had quite a few in January alone) over the reporting period. I expect this trend to continue. Maybe even as soon as the EGM in 3 weeks time.
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