Ann: Veris Business Update, page-2

As previously announced, Phase 1 of the Operational Review was completed in December 2018. Phase 2 of theOperational Review has now been completed,.......

I got curious and looked back through all VRS ASX Announcements and found nothing about Operational Review Phase 1 or 2. The closest is the AGM Presentation (slides 16 & 17) that give a bunch of actions in "Operational Alignment, Overhead Synergies, Subcontractor Management, Culture & People, Systems & Process, Governance and Cash Management".

And this from an announcement on the 25th October 2018.

Systems integration of the surveying business is now complete. This has resulted in management having improvedvisibility on all relevant operational metrics of the business and a clear insight into the lead performance indicatorsvia the national surveying ERP System. The new ERP System has allowed management to conduct a detailedquarterly review of the business and action strategic operational improvements across the national surveyingbusiness. As a result, Veris expects the EBITDA margin to materially improve during the course of FY19.

I assume the FY results will prove both the above to be abject failures.