Ann: Quickstep sales up 14% in 2018FY - positive EBIT in H2, page-26

I don't feel you can just look at the F18 result on it's on and conclude from that.

F18 H2 there was significant improvement as the Quickstep one program came into effect, and that is forecast to continue to trim excell costs and improve margin. On top of that the JSJ program really ramps up in F19, the scale on that will improve margins. The C-130J program contract has been extended 4 years and other projects have an MOU in place.

There is a solid base just on the knows on at least $5m profit per year and plenty of potential.

Off course a tiny profit doesn't shoot the lights out, but the SP has been battered down over the last 2 years and the market cap is only $50m.

We all acknowledge we'd love to land a decent size commercial contract to lock away more revenue, but gee, it's trending the right way and looks undervalued to me.