Highlights for me:$2.25m cash NPAT after subtracting out...

Highlights for me:

• $2.25m cash NPAT after subtracting out non-cash items (notably, a once-off $5.68m non-cash expense for recognising the vendor share based payment for the RTO of Swift, which is due to the business being forecast to hit the performance milestones, which includes $29m revenue next year. This is GOOD)
• Gross profit improved from 32% FY17 to 42% FY18. Any further improvement in GP, combined with revenue growth, should see acceleration of EBITDA
• Free cashflow is very strong, allowing debt to be paid off entirely and ahead of schedule. No accounting games going on here, the cash doesn't lie
• Strong momentum in aged care, significant potential to expand offshore oil rig contracts.
• Implemented internal Netsuite ERP system, which is a gold-standard for globally growing businesses
• Going in to FY19 with solid recurring revenue base.

Overall it looks like FY19 is going to be a very solid year for SW1 and my modelling suggests that they will post a maiden NPAT for FY19 while having significant free cashflow to enable them to invest harder in to new opportunities.