Not to be a Debbie Downer, but for all their "goal-kicking" the "scoreboard" remains a bit lacklustre. Receipts from customers remained pretty much the same (up ~3%), while payments to suppliers and employees ballooned (up 61%). Page 29 shows almost all of the additional cost is attributed to employee/ director, corporate/ admin, and depreciation, while production-related expenses reduced! Forgive my ignorance those of you that know better, but isn't that a bad sign? Genuinely, please correct me if I'm wrong there. I do like that more was spent on marketing, I think they need that at the moment. But I'd love to see less corporate expenses and more production, as that (in my understanding) means more value creation which is essentially the point of the company.
I'm a big believer in this company but think they NEED to get some runs on the board. I hope they expand their opportunities in defence areas, as tensions rise this could be a good time (business-wise, maybe not so much for peace...)
One positive thing is the large "war chest" they have saved up from the capital raising, bodes well for the potential tough economic times if they happen. It was also a better structure report than previously, that contributes a bit.
Also interesting to see the hurdle price of some of the performance shares — $2.78 by Nov 2021, and then $1.70 by 2022. I'll keep this in mind if a see a slew of positive announcements around this time next year in an attempt to hit that goal.
In my opinion, the potential of this company is big, but a report like this shows a few less-than-ideal happenings. What are others thoughts?
TTT Price at posting:
72.0¢ Sentiment: Hold Disclosure: Held
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