Warren Buffett said that "people who use EBITDA are either trying to con you or they’re conning themselves".
Let's look instead at cold hard cash flow:
Receipts: $3,585K
Payments: -$4,144K
Tax benefit: $609K (This may stop)
Capex: -34K (This can't stop)
R&D: -940K (This can't stop)
Net cash bleed before financing: -$924K. It's much worse than last year.
Good luck relying on a UK expansion (will be much harder) when they haven't proven to generate sufficient cash at home yet.
Ann: Half Yearly Report and Accounts, page-13
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