Significantly reduced loss before tax GBP1.7m H1 2020: GBP3.0m) Underlying EBITDA(2) of GBP0.2m (H1 2020: underlying LBITDA(1) GBP0.8m) Underlying operating loss(1) reduced by 46.1% to GBP1.4m (H1 2020: GBP2.7m) 130 bps increase in gross margin to 23.5% (H1 2020: 22.2%) in line with the Board's expectations Interim results for the six months ended 30 June 2021 Some encouraging progress being made in the turnaround project but still someway to go with the impact of current market logistical problems! Lots of ifs and buts and maybes but there is some light at the end of the tunnel. If they do make it to cash flow positive early next year as per market guidance, and we see a continuation of the improvements to margin then we may start to see this reflected in the share price. has been their lack of control over cash and the diminishing margins. So those sales are not lost, they are deferred. So clearly it is frustrating that the company has pent up trade demand for its products that it cannot fill currently.īut their competitors are in exactly the same position and can't fill them either. That maybe a year / 18 months down the line or further, who knows. I can't see these issues resolving themselves anytime soon but in time when other countries have vaccinations in place then the movement of people and goods will slowly ease. That in itself will be a huge milestone for the company. So looking at the broker notes based on that I would expect them to be cash generative either by the end of the year or more likely q1 next year. Given these supply chain issues appear to be the new normal, I think it is encouraging that they have met market guidance for the first half and also expect to meet market guidance for the second half. So that could account for 2/3 million given the steer they have made on increasing inventory. If your component lead time has moved for 90/120 days to 1/1.5 years, if they place the orders now they will have to pay for them. The cash position when compared to prior periods will be different. The 3.1 million burn from June 30 to Sept 20 should be sorted 'once things return to normal' they say (supply chain? pre-Covid? all above factors?)Īs you say if they can sort out cashflow etc that might be in/by 2022.īut I'm not holding my breath, it is time for management to display a bit of steel about factors closer to home imho!
I don't doubt a lot of these are real and mostly Brexit related. It's blame all and everything that isn't us. I couldn't ditch a frustrating image of Directors sitting round the table discussing report.Īnd so on until after 4 or 5.
#Safety share driver#
'.challenges have come from factory restrictions, port closures, driver shortages, sea freight delays, lost efficiency opportunities, missed collaboration opportunities with partners, component shortages, and ensuing complexity.' TBF what annoyed me was this bit (pretty sure I won't be alone).
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