Second half was way better than I expected. Given that the 249D was raised in December last year and only resolved at the end of January I can only assume that this team has had around 4/5 months in control. I was expecting that the bad news we had at the half-year would continue and that a bit more pain was to be had as well. So I expected losses around the $2,5million mark. To have turned it around and to have made a profit in the second half was a great result for me.
I understand that a few will say they bundled all the bad news into the first half but that is unlikely to be true as the major one being staff would probably have occurred only after the change of direction and that would be in this half of the year. The asset writedown was in the first half but that was only $500K and the staff was over $1 million. The bad debt write off appears to be this half as well and its a large number at around $500k.
The best summation as I see it was in the slides:
* Total Shareholder Equity at FY2019 is $31M or 0.2615 cents per share. • Cash at June 30 $18.85 M (includes $11M) held on deposit in Morrison’sbusiness. • Debt reduced from $7.4 m to $1.4 million over the period. • The Wealth, Direct, Equity Markets and Professional services businesseslong term objective are to each generate a minimum of 15% of thecarrying value or equity component (non-cash) of each business.
I wish I had some free cash to buy more.
It's probably fair to say that we as shareholders need to stop looking backwards and look forward with this new team.
SEQ Price at posting:
18.5¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)