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Freedom Care Group Holdings Limited ( (AU:FCG) ) has provided an update.
Freedom Care Group Holdings Limited reported a sharp deterioration in cash flow for the December 2024 quarter, with cash receipts falling to $3.6 million from $8.7 million in the prior quarter and its cash balance dropping to $0.6 million from $2.4 million. The company attributed the decline directly to an NDIS audit begun in mid-September, which has disrupted and delayed NDIA payments, leading to significant financial strain and the appointment of KPT Restructuring Pty Ltd as administrator to its main operating entity, Freedom Care Group Pty Ltd, on 5 December 2024. The administrator is in ongoing discussions with the NDIA over recovery of outstanding receivables and has raised concerns about payment delays, underscoring heightened uncertainty for the company’s operations, liquidity, and stakeholders despite limited director-related payments in the quarter.
More about Freedom Care Group Holdings Limited
Freedom Care Group Holdings Limited is an Australian-listed company operating in the disability care sector, providing services funded under the National Disability Insurance Scheme (NDIS) and relying on payments from the National Disability Insurance Agency (NDIA) as a primary revenue source.
Technical Sentiment Signal: Hold
See more data about FCG stock on TipRanks’ Stock Analysis page.