This is encouraging as revenue has been stuck at $50 million pa for 3 years and will rise 30%plus this year. That should generate some reasonable net profits as overheads are spread, as long as margins have not been squeezed too much to get the work. I had been assuming marginal profitability this year and improvement next year on more East Coast work. Now looking better and has come through the mining service downturn better than most. The problem is the lack of share turnover, which will probably only be solved by taking over companies using shares. It needs to bulk up to generate profits, coverage and share turnover.
VMX Price at posting:
9.5¢ Sentiment: Hold Disclosure: Held
