FY22 performance wasn't the best:
FY22 revenue was down $98.4mn (18%): FY22 $471mn vs FY21 $569.4mn
FY22 EBITDA was down $49mn (35%): FY22 $89.2mn vs FY21 $138.2mn
Cash at end of June 22 was down 89%(!) to only $6.3mn(!!): FY22 $6.3mn vs FY21 $59.6mn. No wonder the bonus hasn't been paid!
FY23 results should make for interesting reading.
So FY23 revenue was around $437mn (-7%/-$34mn) vs FY22 $471mn (FY21 $569.4mn). Still declining, but not as drastically.
@ljj+1oW5NUml "Total personnel expenses in the year were $283.8mn...of which $275.8mn represents the underlying costs incurred...$8mn relates to the one-off costs incurred in restructuring the business."
Average monthly costs payroll was $23mn in FY22. That'll have dropped a little now post-restructuring but will still be in the region of $21mn a month.
I think you’ll find the payroll just for the ELT is approx $3.7M per annum
Don't worry about FY25. We (you, me, most everyone) won't even be around in FY25 to witness the true sh1t.show.
@caq+1oW5NUml FY23 Accounts should be out in November. Something to keep a close eye on. They'll be 6 months out of date by then but will give a very good picture of things.
https://find-and-update.company-information.service.gov.uk/company/11305402/filing-history
Starting to wonder if this ship is sinking. Will we even get paid for a few more months ? And of the company does tank, how will we get any redundancy. Deeply concerning.
Quortex $13mn
Content Armour $7mn
Utelly 0.5mn
@ljj+1oW5NUml The company had used $6mn from it's Revolving Credit Facility (RCF) at June 2022, where the year before it had used $0mn. So effectively the $6mn cash on hand was borrowed!
@pkb+1oW5NUml Finance costs in FY22 were $48.1mn. FY23 will be around $55.3mn, FY24 $72.9mn, FY25 $226.1mn and FY26 $107.7mn so the existing debt will becoming significantly more onerous. Without a refinance the company needs to pay back a huge amount in FY25 ($226.1mn!), but even the $72.9mn this year/FY24 is a big jump from $48.1mn in FY22 and $55.3mn in FY23 when you are struggling for cash. This is why the company cannot afford to pay any FY23 bonus and does not have the cash to pay FY22!
but the debt markets are terrible!
it'd be funny if it wasn't so sad
Did I read that right ? "Cash at end of June 22 was down 89%(!) to only $6.3mn(!!)" the monthly payroll for the whole company must be something like $6mn. So it's saying that we were right on the edge of not making the monthly payroll ? If true, huge red flag right there.
These mo--ns acquired 2 companies in FY22 which ended up being nothing but a waste of money. They dumped most of their cash into those acquisitions. Disgusting level of incompetency and mismanagement.
And oh, that loser CFO who orchestrated all these id--tic moves bolted to another company after dumping millions of dollars that should've gone to FY22 bonus instead. What a d1-k face move.