BET Ann: FY23 Financial Results Investor Update - 30th Aug 2023, 11:07am

[annb0t]

BET Ann: FY23 Financial Results Investor Update
Price Sensitive: Y
Date: 30th Aug 2023, 11:07am

>>> Read announcement: Google: BET Market Announcements

 

[Ibetfixed]

Anyone still got a positive spin on the latest investor presentation ?

 

[astrogirl10]

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.

 

[Lattelarry]

Why are they still paying Todd when there is only organic growth? What exactly is he doing?
I asked today but they ignored it

 

[Lattelarry]

Does anyone know what the $7m will be spent on for FO in the US?

 

[Hume201]

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.

Hey Astro girl

Always love your take on what’s happening

what’s your view on Mr Davey buying up.

My personal view is that the repair of BET will take time . I have always believed fhe fundamentals are there. Mr Davy is cutting away the fat in order to produce a much leaner buisness. His confidence in what he is doing is represented by his personal investment.

 

[astrogirl10]

I suspect that shares will start to recover once it is clear that Betmakers is cash flow and EBIT profitable. It was pretty clear that was Matt's focus during the meeting. As currently there is no patience in the market for tech related stocks that are burning money. Its encouraging that their costs are almost at the targeted level, now it is just about delivering the current projects on hand for the year.

Matt buying shares I suspect is his his way of backing up the message he gave during the annual results meeting that Betmakers will be profitable and cash flow positive on an ongoing basis from FY24 onwards, also that he believes the price is undervalued.

I believe Matt is committed to Betmakers, as he gave up positions in IXUP and Betr to avoid conflicts of interest with Betmakers.

 

[MICHAEL]

Hi Reg,

Interested to know if your have any thoughts relating to BET, that you wish to share on the recently completed Monmouth Park season and the Monmouth Bets App?