Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

Sales Q2: 20.7m
Sales Q3: 22.3m

Cash receipts Q3: 24.2m

Cash receipts are exceeding sales - meaning late payments are coming in. However, cash receipts cannot exceed sales over the long term. This is not a sign of a turn around in my view.

THM sales for Q3 is 3.1m, on an annualised basis 12.4m. This is well short of the 21m revenue announced in the takeover prospectus for FY21(!) when we are looking at FY23. This is not grounded on seasonality in my view.

The company is still heavily dependent on contract manufacturing 18.2m out of 22m; only 4.1m of product sales are of better margin.

Nice to see that they report a little earlier (it used to be on the absolute last day).

Initially I thought I could go back in; but looking at the make up of the numbers, I reckon a price rise of ca 14% is not warranted as the situation has not fundamentally changed.