What complete rubbish. They have gone backwards in everything that matters. Also, they claim success for improving from H2 to H1, but that is their natural cycle. They always do, because they export the summer crops. H2 will be worse again.
As a trend, they have reported in the last two years an average reduction of 74% from H1 to H2. (H2FY20 and H1FY21 was boosted by COVID purchases, so I think what we are seeing is a reversion to underlying business).
So, best case, H2 revenue is $50m, more realistically closer to $40-$45m. This means, at best, an EBITDA of ($2m) - $0.5m, and $3m-$4m cash out of the door, dependent on whether they pay themselves the rent. It is very clear they seem to be stretching their creditors, so they also know they their cash is running out.
Put another way, their worst year ever...
And I am going to keep hammering this: what happened with the plane, and the fact that they used that plane to buy a company??? Surely, they must be getting legal letters. And absolute silence!
