I haven't had a chance to look closely at this result as yet but from what I've seen, I think I can understand the concerns reflected in the drop in the SP over the last few days. To me the main issue revolves around the breakup of the Total Comprehensive Income number rather than the result itself. The Total Comprehensive Income for the year was $77m with the first half of the year contributing $44m while the second half provided $33m despite the fact that sales were $36m higher in the second half. If you look at the numbers before the Foreign Currency fluctuations kick in, the first half provided $53m while the second half delivered $24m. Add the poorer performance in the early part of this financial year and we've got ourselves a trend. The overall result includes landlord concessions of $8.5m and JobKeeper support of $24.5m. These numbers were probably contained mainly in the result for the first half of the year and, of course, are no longer on offer. And the idea that NSW, if not Victoria as well, will probably not open up before the end of October looms large. I've no idea what all this may mean to tomorrow's SP. I gave up trying to predict those things a long time ago but, for me, more work is needed.
AX1 Price at posting:
$2.34 Sentiment: Hold Disclosure: Held
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