I first put this company on my watch list after I saw the announcement of the increased dividend and huge increase in cash balance.
I didnt buy and was cautious because I have never seen a similar announcement showing such a big increase in cash without full explaination.
The accounts today show the unusually large increase in cash was mostly due to
1. a $4m reduction in receivables, ie customers paid their invoices quicker,
2. a $4m increase in contract liabilities, ie appears they are receiving advance payments from customers before doing the work.
Both these changes are one-off situations which cant be consistently repeated.
I cant find any commentary in the reports about why these changes have occurred which is disappointing.
I do now question why managment selectively disclosed some financials in the way they did. They disclosed “cherry picked” statistics which
gave a glossy picture but did not give investors an accurate picture of the financials.
I expect managment of companies I own to give shareholders accurate information about the company, not to mislead them.
So I wont look any further into this company and its off my watch list now.
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Last
76.0¢ |
Change
-0.155(16.9%) |
Mkt cap ! $69.51M |
Open | High | Low | Value | Volume |
91.0¢ | 91.0¢ | 72.5¢ | $209.1K | 259.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 3951 | 74.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
76.0¢ | 11791 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3951 | 0.740 |
1 | 3480 | 0.735 |
3 | 15000 | 0.730 |
2 | 8725 | 0.725 |
2 | 42800 | 0.720 |
Price($) | Vol. | No. |
---|---|---|
0.760 | 11791 | 1 |
0.810 | 10000 | 1 |
0.830 | 30121 | 1 |
0.850 | 500 | 1 |
0.885 | 14128 | 1 |
Last trade - 16.10pm 27/08/2024 (20 minute delay) ? |
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