RE: Hiring new people!!16 Aug 2022 15:54
Financial and Operational Highlights:
· Adjusted EBITDA* improvement of 22% from (£596,000) to (£467,000) driven by 48% decrease in distribution costs and continuing tight control over overhead costs
· Gross margin improved by four percentage points to 35%
· Group revenue was £1.3 million for the six month period (HY2020: £1.5 million). Decline in headline revenues as a result of:
o Continuing proactive management of poor/non-paying customers with further focus on eliminating bad debts
o Continuing emphasis on DMSL business due to impact of Covid-19 on traditional Toople customer base
· Substantial reduction in bad debt charge: HY22: £19,000 compared to HY21: £43,000
· Active costs management and control realising a 14% reduction in administrative costs
· Cash at bank was £375,000 at period end