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clock Created with Sketch. 01/09/22
17:11
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Originally posted by pCap:
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Results look pretty solid to me, except for the training result. I had a forecast EBITDA of $19.6m (see earlier post). Based on the audited accounts, ASH generated an EBITDA of $19m for the year (the summary results announcement says $18.7m but when you look at the audited accounts you get $18.96m - it could be because amortisation was not added to EBITDA but I cant be sure). In any case, my $19.6m assumed EBITDA of $2.2m from the training business so the underperformance at the EBITDA level appears due almost entirely to training. Net profit was also a bit lower due to higher interest expense and tax, but all in all a solid result with weakness in areas that have a good excuse. In terms of cashflow, I was interested to see that there was a $5.5m increase in receivables 0-30 days overdue. Assuming these get paid, then cashflow should look much better at next reporting date. I was also pleased to see that the only skeletons the new CFO uncovered was some relatively immaterial underprovisioning from prior years.
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Thanks pCap.
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