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.
Foolish takeaway
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.
