Agree with this - it was great to see BET's revenues increase to $26.1m for the quarter (up 9.3% on the PCP), and the underlying EBITDA loss of $767k was a big improvement.
And whilst it would have been nice to see continued improvement in actual nett cash operating outflows (ie under the $3.0m in nett operating cash outflows from last quarter), I am comfortable with the reasons given.
The product manufacturing costs at 12.45m were massive this quarter (average of $8.65m per Qtr last year) - as they also included the $3.0m one off payment to Monmouth & the $1m payment to Penns (total of $4m).
And it is clear that staff costs have decreased significantly this quarter - with these staff costs reducing to $14.52m which also included approximately $1.0 in restructuring costs.
So staff costs will maybe be around $13.5m per Qtr going forward.
This is well down from the average staff costs of $16.67m per quarter in 22/23, and management mentioned they now have 430 full time staff.
Which is significantly down on the 568 full time BET staff members at 31 December last year, and is now also now below the targetted number of 440 full time staff.
If you add in the $1.5m in debtors they expected to receive this quarter, and you take out the $4.0m in payments & the $1.0m in restructuring costs, the nett cash outflow number looks quite different.
Obviously we can't just do that, but IMO it does assist us with predicting what will happen going forward.
BET have indicated that the OPEX numbers will reduce by over $3.0m in this current quarter (Q2FY24), and based on previous years it should be a strong cash receipts quarter.
So a decent case can be made for this current quarter (Q2FY24) for BET being around operating cash flow break even.
Interesting to see how the market reacts tomorrow, but I thought there was a lot of positives in this report.
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