Revenue is growing nicely, with operating leverage shown in modest growth in staff costs and flat lease costs.
However, other "product manufacturing costs and operating costs" have risen from $3.98m in the prior quarter to $8.3m in Q1 2023.
As a result, cashflow from operations has fallen from $9m to $7.6m.
I'm surprised management felt the need to justify a mere 300K capex but made no comment on a $4.3m increase in opex.
I'm newly interested in this company, having been involved in international education in NZ for some time. Can anyone explain this - would it be related to setting up new operations in Queensland?
Thanks!
DH
Ann: Quarterly cash flow report for Q1 FY23, page-5
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