Ann: Preliminary Final Report, page-59

Yes, I agree it would be nice to get an update, it would probably help the share price, but I’m sure they will put one out sooner or later and they already have plenty of contracted work anyway.

The companies that announce every little immaterial piece of revenue are the ones to avoid IMO and I only invest in those that don’t deliberately pump the share price far too often with exaggerated announcements.

I think they are focussing on delivering revenue and profit growth based on the lack of attention and money they seem to spend on investor relations (e.g. no premium HotCopper page, no flashy website, etc.)

FY19 revenue was over $28 million

FY20 contracted revenue was already ~$25 million as at 31 July (with 11 months left to win and deliver more work this FY)

NPAT run-rate is now $2 million + based on prelim report and growing exponentially with increased revenues.

No tax to pay for a while due to accumulated losses.

All this for $18 million market cap with $10 million in the bank to fund future growth without dilutive capital raising.

The balance sheet was a mess last year and the turnaround in one half is simply remarkable.

Even if they secure very little extra work this FY (extremely unlikely with $150 million tender pipeline) we are still seriously undervalued and if they keep on delivering this will be 10 cents plus sooner or later IMO.

If this was a tech stock it would probably be 50 cents by now on some crazy high PE ratio factoring in decades of growth! BUT, even compared to sector peers on the ASX the valuation here is simply ridiculous.

The market is asleep at the wheel with WSI unfortunately... for how much longer though?!