Ann: RXP Half Year Results Presentation, page-8

Few worrying signs now that I’ve had the chance to review.
EBITDA adjustments to get to underlying look like they could be recurring, always seem to be redundancies and I assume they will continue to invest in digital. Looks like FY19 was inflated with $800k of back adjustments. New accounting change pumped profit $1m too.
$1m of intangible Capex....not sure why they would have that
$7.5m of impairment....not great either
$22m of debt is now current....
net current assets went backwards
wonder how bank is feeling.