Ann: June 23 Results Investor Presentation, page-8

appreciate the criticality of the industry, but you have to wonder about the sustainability of a business if it takes a decade to make decent returns for shareholders

Last PBT positive years were 2014 & 2015 when they had ~150m in revenues (at a 13-14% gross margin), so unless they have manage to improve margins (the 12% on 47m last FY is not encouraging), then you have to wonder whether even if they double from 70m to 140m they can generate a profit and how long will revenues stay at that level.

My error in not doing more due diligence, but seems a challenging business given the margins and relatively high fixed costs in the lean years.