XII Results Bearish
NUMERAL LIMITED - Updated Short Form SENS Announcement _Summary of the Audited Financial Statements for the year ended 28 February 26
Numeral Limited
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What this filing means
The headline revenue growth hides the real story. Numeral's audited revenue more than doubled to USD 2.2m, up 126% on the prior year, but operating profit grew only 13% — meaning operating margin roughly halved from ~16% to ~8%. Headline EPS fell 47% to 0.0643 after a 1-for-10 share consolidation, with no dividend declared. Prior-year results were also restated. The share had been selling off into the print, and this update confirms the bearish positioning rather than relieving it.
Bull case
- Revenue more than doubled, up 126% to USD 2,199,918 from USD 974,816, signaling strong top-line scaling
- Operating profit grew 13% to USD 180,283, demonstrating the business remained profitable through this growth phase
Bear case
- Revenue more than doubled (+126% to USD 2.20m, A1) yet operating profit grew only 13%, implying operating margin roughly halved from ~16.4% to ~8.2% — a clear sign of unprofitable scale expansion rather than leverage.
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