Blind Skwerrl - just good to see someone else paying attention...

Blind Skwerrl - just good to see someone else paying attention to Go2 to be honest, not much discussion around these parts.

I agree they aren't a perfect set of accounts, but there are plenty of positives, with some work still to be done.

Revenue increased 29%
Gross profit increased from 10.55% to 12.01%
Sales and Marketing expenses down by $100k for the year
A significant rise in staff costs, but now indicating cost base is stable, so this is unlikely to change much.
Corporate expenses relatively stable.

Yes, operating cash flows got worse, but trade and other receivables increased by $4m, so hopefully a lot of it comes back in through there and that is just a timing issue. Payables were up as well, but only by $2m.

Plant & equipment assets doubled
Debt of $4m to the tax office was repaid during the year, something that wont need to occur this year, albeit the borrowings for the group went up by $2m, so again probably $2m better off in total, but still some work to do.

I guess I was also projecting forward based off the last quarterly, with most financial markets being forward looking, they achieved $14.2m in group revenue and recorded a slightly positive group EBITDA. Given they are projecting revenue to rise from $45m to $60m this year, on a relatively stable cost base, I expect EBITDA and cash flows to improve significantly. Even if you take last quarter from a revenue perspective, the run rate currently would be about $56m, so not a big stretch to get to $60m, especially as the NSW and Victorian offices really start to kick in and generate some income.