From the announcement"The second half of the year saw steady...

From the announcement


"The second half of the year saw steady improvement in sales, accounting for 69% of sales for the year. Additionally, EBITDA improved significantly in the second half of the year with a strategic focus on high-margin products. This is also reflected in the reduction of the cash used in operating activities for the second half of the year."

We can assume the the sales of 69% sales generated in the second half are at the previously stated margins of 30-40% is why the company is still maintains positive EBITDA by the end of Calender year 2019.(excerpt below)

"Positive outlook for FY 2020 Commenting on the outlook for FY 2020, Dr Brookins said: “Alexium has transformed to focus on high margin cornerstone initiatives that will underpin sustainable growth, allowing us to commercialise our world leading technologies in partnership with key manufacturers in target markets globally. We are encouraged by the quarterlygrowth in cash receipts over the past six months, and anticipate this momentum continuing in FY 2020. We expect higher sales to result in positive EBITDA being generated by the end of the 2019 calendar year.” "

Cheers