Definitely been a roller coaster ride for the past couple of...

Definitely been a roller coaster ride for the past couple of years - and amazingly managed to keep head above the water.

While I don't expect a massive turnaround in FY18 yet - given refinancing, capital raising, debt write-off, Melbourne Plant issue resolution all occurred in past 6 months (and presumably all this uncertainty was impacting the ability to tender for / secure new work), the key for me is the forecasts over coming 12 months:

1. What are the levels of work on hand, has Syfon managed to keep growing particularly within Asia, are the legacy issues for TSF resolved, is Brockman benefiting from better market conditions than previously.

2. What has been the impact on gross margins - have the managed to keep costs under control, what has been the impact on financing costs from the significant debt write-off etc.

3. Are the key personnel still there - despite all the uncertainty over past few years, encouraging to see the same Senior Management in place across majority of divisions.

In terms of expectation for full year - still expecting a loss, but provided things have stabilised and there are glimmers of hope on the horizon, it won't take much for this to have a run up. Positive outlook with full year results should see this run to around 2-3 cents.

Whatever happens the clock is ticking for EVZ - they need to stem the flow of cash and start turning a profit in the next 12 months, otherwise will be game over.