Ann: Wellard AGM Presentation 2019, page-4

I suppose we knew the financial figures for F19 already but good to see some Q1 2020 figures included.

Clearly figures for 2020 will be dramatically lower overall as out of the live trading game but it all points to profitability once ship utilization is high. No different for any logistics company whether by sea, road, rail or air. If the vehicle isn't full and moving no ones makes money.

The risk of no long term contracts being in place is always going to spook the market which is understandable.

Utilization has being very high for approaching the first 6 months of the year now. If that continues after christmas i think a full year profit may be close.

Debt repayments end in 2 years for 2 of the 3 ships which will have a material effect on cash.

All pointing north i reckon with the odd dip along the way to a higher base SP level by end of 2020.

Whats your thoughts?