Ann: AGM 2017 Presentation, page-3

This provides no additional information to that provided with last year's profit announcement. Do they not want to keep shareholders up to date with how the company is performing?

It says the order book at end October is $76 million of which 75% will occur this year, which is $57 million. But we are given no information on how the business performed in the first 4 months. If we assume $24 million in revenue (a third of last year), then we are on track for total revenue of around $80 million. That is just a guess. Why not tell us?

They do tell us debt has risen by over $5 million in the first 4 months, but not why. Is it just a growing revenue stream, temporary due to payment lags, or something more worrying?

The previous announcement said margins were expected to improve. This is not repeated in this announcement. What happened to margins in the first 4 months?

They do not declare a dividend, or indicate a dividend policy, or even mention dividends at all. Actual cash has declined to only $1.6 million, while debt has risen. Whether that excludes a dividend early in 2018 depends on the cause, which we are not told.

If they want people to convert the options that expire in January they should have declared a dividend to be paid after the option expiry. They may think this is unnecessary because of the buying that has pushed the share price up to around 25 cps. I hope they are right, but this announcement does nothing to give the share price a boost and encourage option conversion.

They need to start providing shareholders with more information, given the lack of broker coverage. I have been a buyer recently, but I despair at the lack of communication. I suspect my earlier numbers on possible profits may be right, suggesting the shares are still cheap, but this announcement does not clarify the outlook.