Ann: FY21 H1 Trading Update, page-29

It is now 2 weeks since the 7 Jan 2021 market update. The last closing price before that update was 98cents. It is now at the time of writing back to 98 cents after getting as high as $1.12 the day of the announcement. I want to re-cap on how good this update was:

• 1H21 sales guidance of $28M+ set about 5 weeks earlier was exceeded by $4.6M or 16%;
• Sales momentum accelerated in the later months of 1H21;
• AMS will be EBITDA and Cash Flow positive in 1H21;
• AMS is the only company with monitor/recorders with Apple ProRes Raw (8 camera makers);
• Entertainment sales to accelerate in 2H21 from $1M of initial sales of Neon range;
• Cost control continues to meet guidance.

IMO, the big yawn in the share price post this update indicates a rare market pricing mis-match. The above guidance beating news indicates that AMS is performing much better in all respects than the market gives it credit for.