Feb 20, 2023 / 12:00AM GMT
Eric Wang - Ecofibre Limited - CEO & MD
Thank you, and I'd like to welcome everyone online for our half-year results presentation. To start off with, I wanted to really highlight the focus that we had a strategic focus and reset on our cost base to make sure we deliver on a positive operating cash flow business for financial year 2024.
There were a few main outcomes as a result of the review that we did, the main three being on the top line revenue basis, we refined our strategy to focus on very specific lines of business that are profitable, scalable, and have the greatest growth potential in our group.
The second important area we had is on cost management cost reduction. So as a result of the review, we exited certain business lines and have been implementing a series of cost reduction initiatives that will enable us to have a $10 million annualized savings. And finally, the focus is on strengthening and cleaning up the balance sheet to support our top line strategy. And as a result of the review and from the exited businesses, we've taken some balance sheet impairments, which
Half Year 2023 Ecofibre Ltd Earnings Call Transcript
Feb 20, 2023
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