Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Well if not worse than expected then that's a good thing!
The building debt is my only major concern but the reduction on costs is very positive
Results seem in line with expectations - who knows what could happen to share price - anything is possible with Boo!
Yes, largely in line. Some highlights:
- Sales down 17% just in line
- EBITDA £58.7m
- Net Debt £95m is above my calculations of £75m but this should reduce in FY2025 as outlook predicts generation of free cash flow in the new FY.
- Gross margin remains very strong.
- Outlook is cautiously optimistic with no specific guidance on sales but Group expects to generate free cash flow in FY2025.
All IMHO DYOR
Happy
I can accept the “Net debt” higher amount as they are capital spending for the future.
At least they have £200.3 million of fixtures and fittings 😂
Feels pretty desperate when they mention fixtures and fittings on the balance sheet...
I did think that was a bit odd for a listed company but the message is clear, the company is worth more than debt which is pretty manageable anyway.
Well its not going bust as the de-rampers on here have wasted their lives shouting about.
Time well spent, of effing rather.
Not particularly inspiring results.
Just a notable point.
Group is targeting GMV growth in FY2025 and improvements in EBITDA margin, which is encouraging. I would like to hear more about this on the webcast.
(1) GMV is all merchandise sold to customers after cancellations and returns, including VAT, carriage receipts and premier subscription income
Yeah, cant see the shares sky rocketing on open.
Some good bits (lower op costs)
Some bad bits (debts up) (top end of revenue decline guidance).
My take pretty neutral overall.
Lets see what the market says, and more importantly retains. Shabz you may be right
I hope so, depends how mms take the whole results. I can see positives and negatives.
Question is how many of the negatives will still be here in 6-12 months?
As interest rates come down debt (used for cost saving investments) will be more managable.
The SP the next few days will dictate how postitive the market sees the results and thats what matters.
I think they are being understandably cautious given past forecasts and volatility in financial performance.
But the group is in good financial shape and highly leveraged to an easing of macro conditions and interest rates.
The reduction in operating costs and improvements in gross margin are very pleasing. Inventory is under tight control (no ASOS here). Improvements in delivery times in the US (due to new US distribution centre) should drive profitable sales growth in FY2025.
Capex has peaked and the forecast for free cash generation for FY2025 is highly encouraging because it should drive net debt reduction.
All in all, I am pleased with the shape of things and will continue to hold through FY2025.
All IMHO DYOR
Happy
Said this was going to happen.... The need to get the market interested.
"The group is now well positioned to return to growth, and we are focused on ensuring that growth is both sustainable and profitable. We will host a capital markets day in due course to provide more detail on our strategy, key growth drivers and the longer-term outlook for the Group"."
The results were not as poor as I had anticipated, which is positive. Given the economic climate, inflation, and consumers' tightened budgets, as well as the company's slight missteps leading to negative press, the outcomes were somewhat predictable. With inflation subsiding and consumers beginning to spend more freely, there is hope that this will foster a growth environment in the coming months, potentially leading to a turnaround in fortunes. We await the future with eager anticipation.
Rcf costing a few quid in fees now. Almost double last time
Finance expense: RCF interest paid and accrued
(18.3)
(9.6)
Finance expense: IFRS 16 lease interest
(2.9)
(1.7)
Finance expense: RCF arrangement and facility fees
(1.3)
(0.7)
(22.5)
(12.0)