On the current H/Y numbers YE/2024 may have annualised income of...

On the current H/Y numbers YE/2024 may have annualised income of over $37,000,000 and yet management are unable to make a profit from it.

Many have warned for over 2 years about costs, including COGS, salary expense, wastage and no direction haphazard expansion etc, sadly the decision maker/s seem to have treated this company like a teenager with a trust fund parents have in place at the offsprings disposal.

I note the report mentioned collections were delayed which in this environment of business closures is dangerous to the health of a company, increases likelihood for additional provisions for doubtful debts and reflects poorly on the accounting department. Oddly there was a delay in delivery of the 4C unsurprisingly it turned up post the vote on Performance Rights, the excuse obtained by another poster from the companies representative was delays due to audit, oh sure or does this mean accounting controls, business systems/procedures and regular reconciliations are non existent, poor indeed any way you look at it.

As called for earlier a keen overseer of finance and budgets should be in place, there is no reason this business can not be profitable promptly. Sales people like to talk flowery percentages, finance know you can’t bank percentages they prefer money in the bank, a business needs balance and accountability to meet targets.