Ann: Preliminary Final Report, page-2

wow... wasn't far  off.....
Pre tax Loss of 2.2M, vs my est of $3.0M
Cash of $11M vs my estimate of $10M....

Mind you I did have some help from the boys on the terrace

Still plenty of cash though - lack of awards concerning.... nothing substantial in 2 years.... LOI's don't count, especially for projects that aren't a go yet..

Pre tax loss H1 = $ 0.4M on sales of $4.7M
Pre tax loss H2 = $ 1.8M on sales of $13.4M (Loss being $2.2M less $0.4M from H1)
Total Loss    = $ 2.2M on sales of $18.1M (Excludes other income)

holy crap a loss of $1.8M in H2 on sales of $12.0M-   does that mean the 2 acquisitions are loss making or the company has a massive overhead??????

Another concern is - what the hec is other income? that is non trading income- $1.5M.... so add that to the $2.2M pre tax loss, and there is an underlying business loss of $3.7M!!!

One of the other posters mentioned at the half year there was a write back of provisions of around $2.0M - this only pushes up the underlying loss.

No wonder Euroz isn't covering the stock any more....

I think there should be a re-rate closer down to net tangible asset backing ... ie $18M- only reason being is that they have no real work/contracts- think about the last contract award announcement--- $11M only???

Interesting they don't mention work in hand....

Changing my hold to a sell now (will softly sell as I believe there is still support for the stock)- I will come back in when they start winning contracts.....

AGM will be interesting I see now why the big man is making grumblings on the terrace re change of CEO.... time will tell...