Interesting,thanks for posting.
Looks as though Forbar had a good bit to do with it along with ACC.
What is therefore surprising is the support Doug's motions received at the agm.
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Syft_Interim_Report_2022.pdf (usx.co.nz)
Syft_Interim_Results_Announcement_2022.pdf (usx.co.nz)
The first half of FY2022 has seen a strong return to growth at Syft with operating revenue up 34% over the first half of FY2021.
Financial performance
The highlight of the first half result was a 56% increase in gross profit compared to the same period last year (from $7.1m to $11.1m). This is driven by 34% growth in operating revenue and an 8-point increase in our gross margin (from 46% to 54%). Combined with a pragmatic approach to costs, the business delivered $3.2m in operating profit.Revenue growth was primarily driven by momentum in our existing semiconductor relationships, and increased contribution from US/Europe as the period progressed.The improvement in gross margin was largely due to the more stable relationship at Micron, which allowed support costs to settle to a more ‘steady state’ level.
Operating expenses increased by $1.8m (vs H1 FY2021) primarily due to the costs associated with the lease of the new facility and foreign exchange losses on financial instruments held in line with the Company FX hedging policy. This was offset by increased capitalisation of development costs.More broadly, Management took a conservative approach to operational investment in H1, as a prudent measure as we built more certainty around revenue results. Investment will increase in the second half of the year as we execute on our growth strategy.
Operations
Product development has continued at a good cadence. Much of the near-term benefit of this has been seen in stabilisation of the Micron relationship, and improvements in gross margin. We have now moved beyond stabilisation to delivering on changes to the architecture of our core platform that will enable future innovation, in line with our strategy.Aaron Latimer joined the business on 1 November as Vice President of Operations. He is responsible for all manufacturing, supply chain and global support (collaborating with our in-market teams).
OutlookSyft has had a strong H1 and the signs are positive for the remainder of the year. There are sufficient deals in the pipeline to generate continued revenue growth. However, this includes a number of large deals which create significant uncertainty about the level and timing of revenue delivery. As above, we intend to increase investment in H2, particularly in product development and support
Unusual to see a company with such high potential growth trade on such low multiples. They now have capacity to produce five times as many as they did in the old premises. Will it run like Rakon when the market eventually wakes up?
An excellent result.
495,247 shares traded so far today with 350,000 traded at $1.00 while the rest traded at $1.08.
Financials looked to be in good shape.
https://syft.us13.list-manage.com/tr...2&e=7afb1ca694
This put a rocket under the share price.
Maybe I should never have sold..lol
Looks like a great match, new board member with experience on scaling mass spectrometry and other analytical device businesses. New investor with experience in life sciences and healthcare which Syft have dabbled with and have a lot of potential in - they've just been fully focused on the semi conductor opportunity until now. This funding boost should help them spread the focus.
Anybody going to the factory tours on the 10th - should be very interesting- looking forward to it (very long time holder)