Year on year Cirrus Networks Holdings Ltd had net income fall -84.60% from 2.86m to 440.92k despite a 11.70% increase in revenues from 95.22m to 106.37m.
An increase in the cost of goods sold as a percentage of sales from 65.50% to 71.56% was a component in the falling net income despite rising revenues.
4th October the board reported to the market in a review that $0.32 was not fair value and there could be $4 million in cost savings.
Yet here we are in Jan 2022 with no proof of the $4 million in cost savings
Not a good sign given the announcement was back on the 4th October as a "Buisness Update - New MD & Response to Webcentral"
CNW Price at posting:
2.9¢ Sentiment: Sell Disclosure: Not Held
