This is about where I expected TNT to be. About 500k burn per quarter and 2000k in the bank. If they can manage around 8% cash receipts growth per quarter and keep a tight lid on outgoings, they will be fine.
If they achieve that trajectory then I'd like to see them issue a convertible bond mid next year to fund further expansion.
Ann: Appendix 4C - quarterly, page-10
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