Well the good news is that you don't hold any shares. Now you can pick them up at a 5%+ discount from the price yesterday! This is especially good when the rest of the market was up 2% today.
Here's the thing about focusing on pro-forma results, which is what you're doing. There is a cost to raise funds by IPO. This is an expense. On the other side of the transaction the company gets access to all this new capital. This capital is used to hopefully expand the business. The company doesn't get access to new capital without incurring this expense. Now we can suspend belief in this basic transaction and we can pretend that it makes sense to ignore the costs involved in the IPO and yet focus on the new growth that this company may have achieved as a result of raising all these funds but this doesn't make any real economic sense.
So yes, this is a one off expense, but it also shows that the company was unable to generate sufficient growth from all the new funds they raised to cover this expense and show growth in the statutory NPAT. This could be a function of poor growth (as you alluded to above) or IPO fees that were too high. In any case, remember that the statutory NPAT is the actual, real life earnings attributable to shareholders. The longer you focus on pro-forma reporting, the longer you have your head in the sand to what is really going on, in real life.
So i read some more of the annual report...did you notice that the Trade & Other Receivables increased by 47%? Do you understand what that means?
Did you see under Note 10 where the amount of receivables 'Past due but not impaired' was up 55% from last year. The ageing of these are between 1 to 12 months past the due date. Do you understand what this means?
As a rank amateur, I must be missing something. Can you please explain this to me?
3PL Price at posting:
$1.87 Sentiment: Sell Disclosure: Not Held
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