Traffic Technologies Ltd (AU:TTI) has released an update.
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Traffic Technologies Ltd reports a net operating cash outflow of $1.2 million for the quarter, despite strong demand for its products and a solid order book with long-term contracts. The company is undergoing a cost reduction program that has achieved $2.2 million in annualized savings, expecting to enhance operating performance in the next fiscal year. Moreover, Traffic Technologies is in the process of optimizing its working capital facilities and has faced challenges such as supply chain issues and government project delays.
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