I am clueless on accounting but the figures show a terrific effort of cost reduction. When the average price of your chief product declines by 58% in the period it is hardly surprising that the results do not look good.
The clause about "senior debt to cash flow ratio" not being met presumably means a renegotiation with the bank which may restrict the possibilities of acquisitions which Brad wants to make.
The mms contribution by knocking nearly an eighth off the sp when there is only 1 trade of £800 is a joke.
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