Back of envelope calcs: - if revenues are down 25-30% then we...

Back of envelope calcs:
- if revenues are down 25-30% then we are looking at gross revenues of ~55m & a gross profit of ~33m assuming 60% margin
- costs for 1H24 & 2H24 was running at ~37m for each half with ~2-3m in depreciation & interest so on that basis you are cutting it very fine
- if 2H is also going to be EBITDA positive, then they need to pick up ~8-10m in added revenues which is ~17%
- what could change the above is if margins in 2H24 continue into FY25 (i.e. higher than 60%) in which case that will help, but I do wonder how they are going to pay for the investment they are committed to for the next few years (let alone cashflow for any bolt on acquisitions)

Quite amazing that we have gone from 55c to 20c when the only change over the last 5 mths is that they reported a maiden profit.......will give Rick some leeway given he has led this turnaround from years of losses, but lets hope by Feb when they report 1H results, he will have more visibility around what the 2nd half looks like (rather than the uncertainty the market feels.....and this is just because donny has put brain worm in charge of health)