Ann: FY2022 Trading Update, page-5

There are some very worrying messages in this...

"revenue is not expected to be at prior year levels due to the slowdown of Global customers" - analysts expected revenue growth

"In relation to FY22 EBITDA and EBITDA margins, ourexpectation remains that they continue to be materially lower than FY21" At the moment they are half the value on a rolling basis

"Based on the current outlook, our view is that FY22 EBITDA (before any FX impact) is expected tobe in the range of US$13 million to US$18 million." At the mid point this is a 80% fall on pcp

"macro conditions have resulted inweaker digital advertising revenue and a slowdown in spending by some of our major customers." - their major customers have not reduced advertising spending... just how they spend... should have been clearer

" increasing the use of offshore facilities forproject delivery" - presumably to save costs but rarely does such a strategy end well

"...and we remain confident in our ability to invest and implement our strategy duringthis transitional period.” - I think the market will beg to differ

The strength of the USD will not be enough to help APX today

All this are the musings of an idiot. Please pay no attention to this. I am thinking aloud. DYOR.