I think this announcement is fairly neutral. It may be...

I think this announcement is fairly neutral. It may be significant that the final report is yet to be completed as you would think that Thames Water would be waiting on this report before deciding whether to roll-out the solution to other sites. The fact that one site has converted to an ongoing contract prior to the completion of the final report is a (small) positive.

I am fairly happy with ongoing progress more generally. There seems to be a steady stream of new contract wins indicating growing momentum in the business which should eventually translate to profitability.

However, I am less enthusiastic about the lack of detailed information such as standard performance metrics provided for the SaaS business. I may consider selling my shares if management does not start reporting annualised revenues for Envirosuite. I want to see the periodic new contract wins converting into growing high margin recurring revenues and the fact this information is not disclosed makes me feel uneasy.