Where did the money go?31 Jan 2025 12:21
As someone who is interested in investing in this Company, I am a little mystified about the current cash figure announced in the latest trading update. In Feb 2024 EAAS completed the sale of the Energy Management Division for net proceeds of £25m. According to this trading update, £7m was used to pay off their debt and they had an exceptional charge of £4.2m, plus costs associated with reorganisation of the Group. They recorded a decent trading year with an EBITDA of £0.4m for FY24 (let's call it flat) but now only have net cash at year end of £2.4m. So by my calculation 'costs associated with reorganisation of the Group' are approx £25m - £7m - £4.2m - £2.4m = £13.4m! That seems very high ........ so are my calculations correct?