Full Year 2023 Ecofibre Ltd Earnings Call Transcript
Thank you, and I'd like to thank everyone for joining our webcast right now. With regards to our FY22 results at our half year announcement, we discussed and released our strategic review. And since then, we've implemented strategic review in our business on the pathway to positive EBITDA for the second half of financial year '24.
During the second half, we refocused the business to reset our cost base to target operating cash flow positive in FY24. We've done this by closing down some non-core business lines. We've, during the half, delivered $11 million in annualized cost savings. $8.8 million of that is in cash cost savings. And as a result of these actions, our second half '23 operating costs declined by 27% versus the first half of last year.
Additionally, during the year, we had revenue growth of 8%, which was driven by the existing Hemp Black business lines. So with the Hemp Black, the revenue grew by 26% driven primarily by the turf and biomedical yarn business lines, which involve long-term clients and [tests]. Ananda Health is able to
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