Yes with an underlying NPAT margin of 1.6%, BSA has been spending most their time working for the exclusive benefit for anybody else except shareholders.
The light on the horizon is the turnaround in operating cash flow.
Of course it is always possible that the light might turn out to be hope disappearing over the horizon with its derriere on fire.
Nonetheless, with the exception of profits conjured up from thin air via accruals, operating cash flow is a prerequisite for real profitability.
With the result for this half, BSA has finally put together two consecutive halves with respectable positive operating cash flows. Namely, $10.55m in H2 2016 and $9.84m in H1 2017, for a total of $20.4m. That is equivalent to an annualized 4.8 cps from which it surely should be possible to extract some profit.
cheers
BSA Price at posting:
35.0¢ Sentiment: None Disclosure: Held
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