"Early trading indicates Seven underlying revenue is tracking to FY23market trend in July and August"
What does this gobbledygook management speak even mean? That revenue is tracking 3.3% lower in FY24 just like FY23 was 3.3% lower than FY22? Or does it mean its at the same level as FY23?
And did anyone come across any detail regarding the $59m "tax balancing" payment? It's a significant amount.
Boiled down, the entire shareholder "return" for FY23 was $15m in share buybacks and $7m in debt repayment. This is less than 1.4cps which explains why the SP is so pathetic.
If you add $59m to the equation (assuming its a one-off item), then the normalised return would be 5cps - a material difference to 1.4c.
The refusal of Stokes and Warburton to treat shareholders with even a modicum of respect is the single biggest drag on the SWM shareprice.
SWM Price at posting:
38.0¢ Sentiment: None Disclosure: Held
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