A few great things to note from the latest results:
- Good to see Andy Preece took a bullet for the team. There's no way they could justify his 800k salary with their current scale of operations.
- It will still take a bit of time to disassociate themselves from the mess in Europe. Things probably won't get interesting market-wise until the next periods results are out, and the results are a bit easier to read.
- No mention of PXUPA. The documentation is bullet-proof, PXUPA have no rights whatsoever and the Yanks are picking at straws. It's likely SRS will keep kicking the bucket down the road, and buy up the preferred stock later for a single figure amount further down the line.
- They still need reduce admin costs futher, and probably take a couple of extra write downs to their inventory.
SRS Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
