Cash flow positive /= profit. What Marv is saying is that based on previous years the March quarter has had a positive cashflow as the debtor book runs off from Christmas. It's a reflection of lower GMV in the quarter (last year GMV was approx $18m down on the corresponding December quarter).
It is possible that in the next quarterly update that 2.4x coverage as quoted by Oceanview7 will remain. Purely from the tide coming back in.
I hope that the quiet IR here is a sign that they are working hard on a plan to work their way out of this. Having zero NTM I am sure isn't comfortable for management, that needs to be fixed if they haven't already. As volumes increase again this will put pressure on fast if the bucket is still leaky.
I'm not sure how continued GMV growth at a low or nil NTM is going to go. They do have the option to clean up the book in the UK, reduce the ledger but increase margin. That can be done quickly and give an opportunity for management to present a strong strategy for the future.
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