Possibly - shorters appear on the money on this one...

Possibly - shorters appear on the money on this one unfortunately. For a company that put out no less than 9 'price sensitive' announcements in the 2HCY2020 - this is a poor result. Better keeping the investor communications factual, rather than trying to pump equity markets with spin.

Hopefully post the Covid disruption of 2020 they can start to see a strong uptick in revenue into 2021 leading into a turnaround in operating cash flow performance. The delay in Q4 revenue recognition (~$20m) as well as poor opCF ($120m) having been flagged in late December. Notwithstanding, having withdrawn 2020 EBIT 'in the range of $20-30 million' as late as 21 December, to then provide an EBIT loss of $28.5million suggests they have no internal controls or simply don't know what they are doing. That is an absolute shocker.

Hard to justify a $20m (57%) increase in employee benefit expenses on the back of these results...