agm chairmans address

Just read the slideshow for the Chairmans address at the AGM, and must say that I feel it was less than impressive.

* Highlights (boasts) that product revenue (sales) made up 70% of overall revenue - up from 40% in 2006.
I would counter that (and I have claimed on several previous occasions) the sales area is very unpredictable in terms of revenue flows/timeing and they need to increase their revenue from service & maintenance. I acknowledge that sales must come first, but without the latter then they will not develop a long term reliable income stream. In other words they should have placed more emphasis on this income stream in the presentation.

* The address was very light in providing an outlook for 2008.


Finally, the Company Secretary (on behalf of the Chairman) should sack the person that prepared (and obviously failed to proof-read) the Power Point presentation the Chairman delivered.

A bullet point on slide 15 states (in part)....
..Convert PERSPECTIVE opportunities to qualified status. (no doubt meant to say...PROSPECTIVE..)

Seems shareholders were also less than impressed, and hence the stock was sold down 15% today.

I wonder how long it is before Hunter Hall, who own 9.33% of ITE at a price about 50% higher than the closing price, step in and start flexing their muscle with management?