Can't really fault their business strategy. Their market focus...

Can't really fault their business strategy.
Their market focus ticks all of the growth boxes (far better than their previous steel bending businesses) - electronic systems focused on health and security has far more potential.
Their internal business transformation (IT systems and online customer service strategy) is a solid strategy.
And their commitment to reduce business costs is the right response to their lower revenues.
30% margins is industry average in contracting.
Evidence that they are winning significant contracts.
Being honest about another 12 months of losses is better than being told BS.

Any other company delivering the same presentation would get much better reaction.

I think we have to face facts; transitioning a very old company deeply entrenched in steel bending to an ITC contacting company attempting to sell to completely new customers (health) has been a much bigger change management exercise than first thought.

I am thinking they could be a good punt going forward.
IMO
DYOR!!