SurfStitch Group Ltd Cash position ahead of expectations
Cash position ahead of expectations: SurfStitch Group Ltd (ASX: SRF) reported its financial results for the six months ended 31 December 2016 entailing an $8.0 million improvement in the loss from continuing operations of $5.6 million, over the prior corresponding period (pcp) loss of $13.6 million. Another key highlight is the increase in the cash on hand to $33 million, which was above expectations, up from $21.4 million at 30 June 2016. This improvement was at the back of $12.2 million reduction in gross underlying inventory and receipt of $10 million on the completion of the sale of SHI in December 2016. There was also a slip in cost of doing business with a $4.8 million reduction in opex and capex spend over the pcp. Further, SRF expects to accelerate its savings efforts to deliver benefits into H2 FY17. However, the revenue slipped by 13.1% owing to appreciation of the AUD to GBP and a decline in sales in the North American market.
To read the complete report CLICK HERE. To get your free report CLICK HERE
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people.Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376).The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation.Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product.The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd currently hold positions in: BHP, BKY, KCN, PDN, and RIO. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.
Copyright © 2015 Kalkine Pty Ltd ABN 34 154 808 312. No part of this website, or its content, may be reproduced in any form without the prior consent of Kalkine Pty Ltd.
Kalkine is a trading name of Kalkine Pty Ltd ABN 34 154 808 312, which holds Australian Financial Services Licence No. 425376.