The company is now clear of the term debt from ANZ, still no word about a new finance package, hopefully its close, you would think that given our balance sheet it wouldnt be too hard to get finalised.
I do not expect this to be a very good half profit wise, the reason i say this is that they would have had to provision for the wage rises put through earlier in the last half, they would need to take a one off charge against all there outstanding leave entitlments, this is a potentially alarge figure, i hope they articulate how much the charge was so we can normalise the ebit for the half.
Cash flow was good but this is very lumpy , sometimes just where the pay periods end can make a big difference.
I did hold our outgoing CFO in high regard, but he was very well paid , so perhaps its a cost reduction measure, the fact that he stayed for 3 months tells you there is nothing untoward, and has most likely parted on good terms.
Still no share purchases from any board member apart from our CEO, this is not a good look, its hard to see these particular board members being aligned with shareholders when they dont own any shares.
I am constantly amazed by how many middle managers MIL seem to have, surely there needs to be some pruning done,
some good contract wins and renewals over the last 6 months sets us up well going forward, but the company has to decide if it wants to be a growth or yield company, at the moment it is neither, and that is why it struggles to get any type of following from investors.
Its funny but the 3 bigger shareholders come from a small business background but just dont seem to have any enrepreneurial skills, you would think that they alone would be pushing and marketing this company, but no, just steely silence.
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