What is with SurfStitch Group Ltd?
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.
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