I had a bad feeling after seeing nothing after market close today, the last day of the reporting season. A very bad look indeed. I've raised this issue to management previously when they released their 4C at 6pm on a Friday, also the last day during that period that listed companies had to release their 4Cs. It seems like they don't listen.
I havent read the full report yet but the headline numbers dont look appealing to market. Revenue is down in a year where DC2 was supposed to be a COVID winner. And management kept talking about growing recurring revenue. That doesn't add up. Way too high cost increases which didn't translate into revenue growth.
Employment cost went up by $1m. From memory, I think they employed 2 new salesmen and 1 general manager. Justin requested an EGM to raise wages/issue options for himself and his wife on 25 Aug, which they got the approval. How can an MD get a payrise for him and his wife while the company's revenue is declining, is beyond me.
To be fair, this result is actually what I expected based on the recent 4Cs, though I thought it would come with an investor presentation and/or at least an outlook statement/guidance of some sort to give market some excitement.
Does anyone remember what that share based payment line was for? Was it for the broker who floated DC2?
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