Brief: Bubs Australia Says Annual Operating Expenses Reduced By A$10 Mln

Bubs Australia

06/07/2023 02:48

July 6 (Reuters) - Bubs Australia Ltd  BUB.AX :
    * PLAN FOR GROWTH & DELIVERING SHAREHOLDER VALUE
    * COMMENCED A STRATEGIC REVIEW OF BUSINESS WITH PARTICULAR
FOCUS
ON USA, AUSTRALIA, AND CHINA OPERATIONS
    * ANNUAL OPERATING EXPENSES HAVE BEEN REDUCED BY
APPROXIMATELY
A$10M
    * EXPECT THAT MONTHLY CASH BURN WILL BE MORE THAN HALVED
FROM A$5M
TO A$2M FROM Q2 FY24
    * STRATEGIC REVIEW SETS OUT A 5-POINT PLAN TO RESPONSIBLY
MANAGE
CAPITAL, AMONG OTHERS
    * BUBS' STATE OF ART MANUFACTURING FACILITY IN DELORAINE,
VICTORIA
IS UNDER- UTILISED, OPERATING AT 31% CAPACITY
    * CURRENT GROWTH PLANS ARE FULLY FUNDED, AND PLANS ARE IN
PLACE TO
LIQUIDATE EXCESS INVENTORY
    * SEES FY24 GROSS PROFIT MARGIN OF 40%
    * SEES CASH FLOW POSITIVE IN FY25

Source text for Eikon:  ID:nASX7k2xGd 
Further company coverage:  BUB.AX 

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