Thinking about this further - and looking at the cash flow...

Thinking about this further - and looking at the cash flow report, NPAT wouldn't have any income tax cash outflow because they would be utilising prior year losses ($10.6m at FY16).

Normalised FCF to equity might be more like sub $3m after adjusting for:

* equipment supplier compo ($0.8m)

* income tax normalisation ($0.6m based on $2m NPBT)

* conservative maintenance capex allowance of $0.5m

* allowance for increased employee costs from new staff who have only worked a part year in FY17.

With those allowances FCFE yield is still a decent 7%+ after today's trading (though concern is whether or not management will do the right thing and make the FCF available to shareholders in the next 12 months).