OK I see something totally different to everyone else it seems.... This is not a P&L it is a cashflow statement. Double-digit growth is cashflow intensive. You need to spend for inputs and labour before it crystallises into profit, hence the cash burn. While volumes and revenues continually increase, cashflow will always be negative. It is quite possible that sales (which are increasingly getting higher) in the back end of each quarter are being carried as a receivable and/or work in progress, and will impact the following quarter's cashflow. Profit will only be identified in a half-yearly or full-year P&L. Given that US sales only kicked into gear late June, I believe that there is an up-tick that is just not materialising on paper just yet. Not upramping, have just seen this situation play out previously. Operational interpretation is my thing. Could I be wrong? Maybe. Could I be right? Likely. Will we ever know? Yes - looking forward to Jun23 results.
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