Brief: Mighty Craft Announces Outcomes Of Board-Led Strategic Review

Mighty Craft

11/07/2023 02:25

July 11 (Reuters) - Mighty Craft Ltd  MCL.AX :
    * OUTCOMES OF BOARD-LED STRATEGIC REVIEW
    * SIGNIFICANT COST REDUCTION PROGRESS ALREADY MADE INCLUDING
A$4.4
MILLION OF ANNUAL COSTS REMOVED, OVER Q4 FY23
    * WILL CONTINUE IT'S MOVE TOWARDS SEPARATE BEER AND SPIRITS
DIVISIONS, WITH APPROPRIATE COST BASES IN PLACE FOR EACH
    * Q4 FY23 SALES EXPECTED TO BE IN RANGE OF A$21.0 MILLION -
A$22.0
MILLION
    * CHALLENGING MARKET CONDITIONS ACROSS CRAFT BEER AND
PREMIUM
SPIRITS ANTICIPATED TO PREVAIL FOR MEDIUM TERM
    * BOARD IS EXPLORING FUNDING ALTERNATIVES TO ENSURE
SUFFICIENT
WORKING CAPITAL UNTIL SALE OF ASSETS RETURN CAPITAL TO BUSINESS
    * BETTER BEER CAPITAL RAISE PROCESS ONGOING, EXPECTED TO BE
FINALISED THROUGHOUT Q1 FY24
    * Q4 FY23 OPERATING CASHFLOW RESULT EXPECTED TO BE IN RANGE
OF
A$4.7 MILLION LOSS TO A$5.0 MILLION LOSS
    * UNDERTAKING IN-DEPTH ASSESSMENT OF OPTIMAL GO-FORWARD
CORPORATE
STRUCTURE FOR CO
    * AIMING TO MATERIALLY REDUCE DEBT DURING H1 FY24
    * FURTHER COST REDUCTIONS TO BE EXECUTED THROUGHOUT H1 FY24

Source text for Eikon:  ID:nASX6y6nhz 
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