Kaddy Limited (ASX:KDY) 1H FY2024 Financial Report Highlights

Kaddy Limited (ASX:KDY) has released its Interim Financial Report for the six months ended 31 December 2023. The company reported a total comprehensive profit of $0.0089m for 1H FY2024, marking a significant movement from the total comprehensive loss of $52.24m in 1H FY2023. Operating Revenue for 1H FY2024 was $Nil, reflecting a 100% decrease from the total of $11.83m in 1H FY2023. The company also announced that it will not be paying any dividends for this period.

Executive Commentary on Financial Performance and Corporate Developments

The company's financial performance for the first half of FY2024 has been challenging, with a substantial decrease in operating revenue compared to the previous corresponding period. The total comprehensive profit of $0.0089m represents a positive shift from the significant loss incurred in the same period last year. Additionally, the decision to not pay any dividends reflects the company's focus on managing its financial position and exploring opportunities for the future. The appointment of a new Company Secretary and the resignation of the Chief Executive Officer indicate ongoing changes in the company's management and personnel.

Summary of Kaddy Limited's Interim Financial Report and Future Outlook

Kaddy Limited's Interim Financial Report for the half-year ended 31 December 2023 reflects a challenging period with a substantial decrease in operating revenue and a shift from a significant loss to a modest profit. The company's decision to not pay dividends and the appointment of a new Company Secretary demonstrate its commitment to managing its financial position. Looking ahead, Kaddy Limited is in the process of seeking to relist on the ASX and exploring opportunities for the company, indicating a focus on future growth and development. The company's financial statements have been prepared on a non-going concern basis, highlighting the need for ongoing support from convertible loan note holders and the successful relisting of the company.