Ann: Cyclopharm Unveils Inaugural Dividend, page-5

Hi Umi,
Cutting out the BS & repitition in the report....Made me nauseous.
There are good bits & bad bits...But the bad far outweigh the good.
The Bad:
# Zero growth....CYC current market appears fully saturated.
# Now paying Tax.
# FY result will be a lot worse than 2014 , even after rectifying the "French Connection"...2014 NPAT amounted to $1.4m , excluding ANSTO payment.....We will be lucky to achieve half this amount in FY 15.
The Good:
# Leaner business with lower admin & employment expenses.
# Stable (not deteriorationg) cash flow.
# Better margins , circa 3%.
# Cash holding stable , but not increasing if we account for lower receivables & higher payables.
All in all , the market was not impressed with lack of growth....Zero growth.
There is no substitute for entering the US market & also china market with COPD applications....This will take time.
CYC wil be stuck in the 40-50c trading range for some time.