Ann: Guidance Update 2HY, page-7

So 46m in FY revenues implies:
- 31m in 2H revenues (in the 1H24 presentation they had already factorerd in 9m for Armor & 12m for Technology) which is ~10m higher than what they already knew about in Feb this year......so not a bad effort
- if costs stay broadly unchanged from 1H, then you are looking at ~9.5m excluding depreciation & amortisation
- and to get to an EBITDA of +1m, then you need to have generated a gross profit of ~10.5m which implies a margin of ~34% on 31m of revenues

On ross margin I was hoping for a bit more given the contribution from Technology which I should was around spares and support rather than outright sales, but lets see what that breakdown is.

No details on the the status of US relocation, but they did indicate commissioning in 1H25 so not sure what they are doing currently (presumably on a ship somewhere and/or being put together.....seems a long time)
No details on inventory or cash levels

On balance this is probably a positive message (I'd had liked answers to the above as the price is depressed partly because people are expecting a capital raise I assume at some point) given you sack your CEO and the company seemingly bounces back in terms of sales and EBITDA (I suspect 2H will still have negative PBT given their D&A is high).