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Yes lots more busyness with the discounts on offer and no doubt no profit in it for the company.
I think they had 1 million of stock at last update as this was highlighted then to increase the stock then too. I note the stock value figure was not released this time!
In the presentation it's explained that a lot more money was spent on stocking up on inventory to prevent supply issues due to problems associated with Coronavirus. If I understood the presentation correctly It's also mentioned that due to accounting procedures the Christmas trading period isn't included in the figures.l, but what is alluded to is that January has so far been the business January since inception of the company.
as reported in the TU. Yes end of June 21 was 5.3 million in bank was it?
But then for July and August ( end of) it was stated that 5.9 million in bank - looking promising here with approximately 300 k a month cash increases. But now end of Dec 21 4.5 million in bank. So they have also lost the equivalent of this July August gain too.
A new approach must surely be needed. If they are allowed to also loss 1.6 million in 2022 the SP will plummet even more.
Where is the boards ‘value to shareholders’ scruples here?
I said back in Aug 21 they need to concentrate on building up cash reserves before embarking of more riskier growth of other markets.
Maybe it’s time for a smaller more profitable business model for a while to build up the cash — less ‘sales’ as they now seem to be constantly advertising sales with ever increasing discounts. It takes the same staffing hours to deliver a mattress on sale than one that is not. So less ‘sales’ may lead to maybe not so many actual products being sold but it will take a smaller workforce and provide higher net profit per sale. Less volume of products being dispatched all in one go so easier to manage customer volumes too which should make it easier to ensure each product gets excellent delivery and follow up service! And remember each mattress sold is a mattress customer out or the market for 10 years approx - so why the big push to always increases sales with ‘not so profitable sales’.
I think CC and the board are no longer on the correct path at present!
What do others think?