The return to profitability in H2 was encouraging, albeit tempered by some contract delays. As we said in January, importantly, the balance sheet has strengthened markedly with net cash of $2.8m comfortably exceeding our then expectation of $0.5m net debt. Given the investment and restructuring in the US, we expect an H2 weighting and have reduced our expectations for FY16 PBT from $3.0m to $2.0m. We look forward to further updates on the management improvement plans as the year progresses.
03 Mar 2016
H2 return to profitability; management actions continue
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
H2 return to profitability; management actions continue
The return to profitability in H2 was encouraging, albeit tempered by some contract delays. As we said in January, importantly, the balance sheet has strengthened markedly with net cash of $2.8m comfortably exceeding our then expectation of $0.5m net debt. Given the investment and restructuring in the US, we expect an H2 weighting and have reduced our expectations for FY16 PBT from $3.0m to $2.0m. We look forward to further updates on the management improvement plans as the year progresses.