Ann: Appendix 4C - quarterly and Progress Report Q4 FY17, page-8

Fair comment. A good result overall but current SP fully values the business (EV/EBITDA at 8.4x once adjusting for the equipment supplier compensation).

Personally I think the ASX should make quarterly cash flow reports be reported on an indirect cash flow basis, rather than direct. Would provide more insight into what is driving operating cash flow (i.e. sustainable cash flow coming from operations or unsustainable coming from large changes in working capital) which would be more useful to investors than the current format.

As GRB has sufficient large amounts of un-utilised capacity, and only recently upgraded the equipment (i.e. no need for maintenance or growth capex), would be good to see action by management in the next 12 months concerning capital management (e.g. share buyback) as they don't need $5m net cash (nearly two years free cash flow based on adjusted FY17 results) on their balance sheet.