I think Matt Davey is delivering exactly what he said he would do when he took over as Chairman. Taking costs out, and turning Bet into a cashflow and EBIT profitable company on an ongoing basis, just to start with for this financial year.
On the FY24 Normalising the cost base slide in the presentation, it looks like BET are only $4 million away from there FY24 targeted cost base.
It infers that the total costs will be $106.4 which includes $15 million in capital investments for FY24. I don't think the $15 million is an ongoing yearly cost though. Combine this with at least 11% revenue growth for FY24. Revenue in FY23 was $95 million so around $105 million for FY24, although the targeted revenue column on the graph for FY24 looks more like $110 million.
So BET will be cashflow positive and EBITDA positive by FY24 on an ongoing basis.