It’s hard interpreting the quarterly harvesting figures. Not only are they subject to seasonal variation, but the change to a 24-month harvesting strategy in FY 2020 has distorted the figures in the subsequent two years. You’ll see saintex that after a poor harvest in Q3 last FY, there was a strong bounce back the following quarter, some of which was reflected in sales that same quarter. Although the projected harvest this Q3 will be much higher than a year earlier, that is likely to unwind in the following quarter. However, now that the adjustment to a 24-month harvesting cycle is complete, it does appear that the annual harvest in total this FY will be higher than last year. I’m guessing that total sales in H2 2022 will still be lower than a year earlier because (as you’ve said) the contribution from inventory will be down significantly. Then again, we expect operational costs to be lower this year. So all very confusing. As I say though, anything around $6mn FCF this year will be an exceptional result imo.
ATP Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
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