Ann: Appendix 4C - quarterly, page-32

UCM has historically been low volume.

Putting on my cynic hat. The share price has remained within a dull multiple of revenue possibly due to some mix of these elements.
1. Many holders bought in thinking covid would see a sudden and dramatic rise in revenue. It didn't, so they're selling indiscriminately.
2. With reliance on technical capital goods it is hard to see a sudden game changer causing a 5-10x increase in revenue.
3. Failure to impact markets other than China, which is a high risk country currently.
4. High reliance on a few critical staff, especially in China.
5. Loss of trust due to years of delays in regulatory approvals, *cough* China.
6. Gleeson still selling? Quite a few top 20 holders sold down last FY.

UCM is still up about 50% this year which is roughly in line with their growth and issuing of shares.