This company still has problems but it is good to see (1) a big...

This company still has problems but it is good to see (1) a big improvement in gross margins from 52% to 58%, (2) bank borrowings reduced by $1.45m, and (3) total cash and cash equivalents up by around $700k to $8.73m. Post balance date the value of its investment in RDH has also risen by a further 20% (around $500k), which should support H2 earnings. Also nice to see the 3 major shareholder directors also putting up extra cash to support the company, and the bank onside (as evidenced by the bank debt now sitting in Non Current liabilities rather than Current). AKG is now looking like reasonable value while trading at a forecast 3-4x EBITDA multiple. Pity that management is so bad at providing commentary and guidance, or at least some sense of future strategy. It makes it pretty hard to know how to value this company. With some better disclosure from management I could see this trading a lot higher, but management commentary and disclosures are opaque at best.