Ann: Trading Update for FY2022 and FY2023, page-10

What I don't like is that they are clearly managing the info disclosed....bad news on trading, so , "don't look there, look over here" and release the good on Certus at the same time. That's not coincidence. I had more faith before this pair of announcements that management was more "honest" and straightforward than I now believe. It almost feels like they are being excessively guided by Peak Asset on "controlling" the message.

I don't buy the arguments in the thread above that maybe EBITDA is down because they've written off all the extra stock build. You cant do that...its an asset, not an expense. The drop in EBITDA is probably the other part of their statement..."further investments to grow the business", although my feel was they have been pushing the envelope already on development costs they capitalise rather than expense. Or, their costs have run away on them...new sales and marketing effort , for example.