The OrotonGroup Limited (ASX: ORL) released its full year earnings today and these are the highlights:
- Revenue declined 9.7% to $123 million
- Impairment losses of $2.3m in the Gap which was discontinued during the year and $3.5m in Oroton
- Full year FY 2017 loss of $14.3 million (down 514% from FY 2016)
- Net debt position of $5.4m
- No dividend declared
Overall, it was a disappointing result and Oroton’s auditors PwC said that a material uncertainty exists that may cast significant doubt upon the group’s ability to continue as a going concern.
The general retail outlook remains very competitive and Oroton’s weak current position will not help it in facing the storms that lie ahead. Investors are better off looking elsewhere.
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Motley Fool contributor Kevin Gandiya has no financial interest in OrotonGroup Limited.
You can find Kevin on Twitter @kevingandiya
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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