I actually did buy 1M yesterday. Contrarian trade. Back in again...

I actually did buy 1M yesterday. Contrarian trade. Back in again after leaving in 2021. The Tape isn't pretty but also never expected it to drift back this far. Went through every recent announcement to get my head around it again.

-$61M in the bank as of end of Dec. Decent amount considering our $180M mkt cap. No need for cash raises. They did mention they wanted to return to positive cash flow 2HFY23. I'm also happy for them to give up the buy back. I don't think that's best use of current funds. Sitting on cash not the worst in this environment and only Pounce at under valued companies to acquire if they appear.

change of leadership with Matt Davey in the front seat a good decision. Big job ahead to change people's minds on a few of the prior managements dealings, but it looks like he's already made some good early calls.

Labour costs have blown out but at the same time the company has increased spend on growing out their infrastructure in CY2022. Will be interesting to see if this materialises over the next year to income/customer receipts.

I don't think they need to do anything fancy in CY2023 to make some decent gains. Sentiment can easily change.
-continue to build on customer receipts $100M+ p.a
-achieve cash flow positive again.
-limit any big share handhouts. They've been used previously to grow the business and customer base, but sounds like they could try let these now play out and let the business grow organically on what they've built to date.