Encouraging. Revenue of $21 million for year, with only 1 month...

Encouraging. Revenue of $21 million for year, with only 1 month of the $3 million new retail contract included. Some other contracts added during and after year end. Revenue of $5.4 million for the last quarter generated $100000 in net cash.

That suggests revenue could reach $25 million at least next year: $21m this year, plus $3m from new retail contract, plus $1m for other smaller contracts in full year.

The payments for State Security end in August, which will improve cash generation. So assuming little change in overheads of $4 million and a gross margin of 20%, then cash generation could be near $1 million a year at a guess. Given a market capitalisation of $3 million that should be good news for the share price.

We will get a better idea following the next quarterly.