Pinned straw:
Energyone provided an FY24 result update. Optically it looks terrible thanks to very weak 1H ( that was already known to the market)
Now if we look at the result and compare half-on-half
If we look at the expenses, 1H shows some one-off charge ( 1.8m worth). Although Salary cost increased to 28% in FY24 compared to FY23
Debt has been reduced from 22m to 16m ( they did capital raise in 2H and as a result Share count has increased from 27m to 31.5m)
It is roughly trading at 135m market cap
with 52m Revenue ( 89% recurring revenue) in FY24
There is a con call tomorrow ( unfortunately, I won't be able to attend)
FY25 guidance or commentary will be important for the valuation.
Hopefully, all one-off will be behind them, 1H FY25 should be much much better than 1hFY24
The transformation of this business from Australia focused with a UK offshoot to a pan-European business with an Australian arm is starting to show in the revenue.
Everything is a bit messy because this transition has taken place, with the global operations project front loading some opex and that being done against the backdrop of some one off costs running through the business around the cyber incident and M&A. Hopefully that all washes out over the next couple of periods and the growth story comes back to the fore. Held IRL.