Ann: Veris Investor Presentation, page-3

Hi Jackie
Afraid I agree, this presentation is very underwhelming and reminiscent of all the others.

They are almost at the end of the first quarter – where are the figures that prove the ‘momentum’ they kept referring to?

Based on their previous announcements they should be producing the figures for July and August to prove that they have turned the corner and that the latest operational review has worked. If they produced those figures it would put all of this to rest. The lack on any numbers suggests that things have not improved.

General thoughts are:

• Presentation is generally a rehash of previous presentations
• Focus on infrastructure spend is a concern. To date this has seen Veris secure work on what appears to be very low margin. More of the same would not be welcomed
• Revenue up, margin down – can’t escape those figures. Improvements in net debt and cash flow could be attributed to work undertaken by the previous CFO.
• No longer references improvements on H2 over H1 – Is this an acknowledgement that there actually wasn’t any?