EROAD Ltd Investors Day Transcript
Welcome, everyone. And we have about 20 people here in the room in Sydney, and I think about 80 people online. So welcome to today's meeting. My name is Graham Stuart. I'm the Chair of EROAD, and I will be chairing today's investor update.
As I indicated in the company's 2022 annual report, and I reiterate at the Financial Annual Shareholders Meeting in July that year, the financial year ending March 2022 was a poor one for EROAD. Notwithstanding the acquisition of Coretex, our underlying business performed below expectations. We failed to achieve our forecast revenue targets, costs grew faster than revenues, working capital ballooned as we reacted to supply chain challenges arising from COVID, and we built stock ahead of sales. We also had the prospect of decommissioning on our 3G network in New Zealand to plan for, and of course, costs associated with the acquisition and integration of Coretex. All these factors combined to significantly weaken EROAD's cash position.
At that same time, the capital
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