Ann: Appendix 3Y - Alison Terry, page-12

What seems missing is any new contract announcements since Nov23 (where prior to that, they had secured ~90m in the previous 18 mths).

If we don't here anything in June, then we should expect a pretty decent 2H24 (close to ~$60m in revenues......EBITDA is a big ??), but based on their Feb24 announcement, they have ~$30m in FY2025 contracted revenues which does not seem sufficient to maintain profitability.

It seems incredibly silent across a range of fronts - the Rio demonstration project, subsea contracts both in the O&G sector as well as any follow on from their Sea Mining contract, and then offshore wind.

Already a sizable holding and although the weakness in price looks tempting, the 2 big questions is whether the revenue growth will continue beyond the current FY, and also whether even at this higher revenue number they are profitable and can deliver decent cashflow.