Ann: NNG Appendix 4D and Half-Year Financial Report to Dec-21, page-4

It doesn't look like they have explained the financial merits of the BlueSky acquisition. Note 14B states revenue would have been $3.7m and net loss would have been $2.3m on a proforma basis if the acquisition occurred from 1 July 2021 instead of September 2021. If the revenue would have been so much higher then why would the loss be higher instead of improve? Why have employee costs gone up so much? I assume they include the new employee costs from BlueSky but what does that mean going forward?

The results may be better than they look but surely a well thought through H1 presentation should have accompanied the release of these results and done more to explain the movement in numbers for the PCP. The new revenue categories is a real plus but what does that mean for the business going forward? On the face of it, a sharp knife to employee costs is in order but I do understand integrating an acquisition is never easy so look forward to getting some more information when available. At these low prices its still a buy from me.