Not great, not terrible, to borrow a line. A bit perplexing though when the accompanying ASX statement is far more focussed on talking up FY23 than addressing the FY22 results.
Any old how. $70 million operating loss, cash flows look
good fair. The claimed full year after tax loss of $46 million is softened by their $40.7 million asset impairment reversal. Their pre-tax loss would have been over $100 million (essentially a third of revenue) without it.
Looks like someone finally realised that their jet service wasn't just going to sell itself; their marketing spend doubled over the previous year.
Jet ops looks like it has added about $30 million a year in salaries and related costs. Leasing costs are becoming more transparent; around $US120K per month per jet.
Barring further external shocks, I am confident that the group will return to good profitability in the 2023 financial year.
As the Zen Master was fond of saying, "We'll see."