Ann: 1H22 Results Presentation, page-3

On a headline view;

1. The business has tipped into EBITDA, NPAT and Free-cash flow negativity based on the December result. Perhaps if you strip out some of the listing costs then it may be close to break-even.
2. This still implies regression in terms of financial performance which was to be expected as the management flagged they are chasing growth in the prospectus.

However, where is the growth and return on invested capital (ROIC)?

Australian sales grew at 10% on PCP.

UK sales gew at 3% on PCP.

Keep in mind that Step One only began to enter the UK market in 2020.

Overall revenue growth was 12%. Not a strong result in my opinion, given that the company is investing large amounts of capital into its marketing and advertising.

At this point in time it wouldn't surprise me if the company's ROIIC is a really a negative number.

I mentioned in my previous report that I'd be *more* interested in shares at $1.00. That was before I saw these financials now. I'd I can't name a price i'd want to pay.

To those that hold the stock; I must ask what level of growth you were expecting.

The company remains adequately capitalised in the near-term.