You need to remember that the H1 results are directly attributable to the previous CEO who left in Dec and his management team, the comment that they have a new management team in place is not 100% correct, New CFO started late Nov so no input to these results, New CEO starts March so again no input to these results, they are still looking for a new National Sales Manager as the last one walked out after the CEO in January, along with a number of other key long term personnel. DYOR but I would not expect a duplication of these figures for H2, and keep your eye on the net debt and margins, first thing a new team will do is try and get volume back at a lower price... As for the defense business, my view is no subs will be built in Aust within next 8 years, the comment that they are sourcing new green feed suppliers for defense material may suggest local supply issues for those grades, either way defense is usually low volume and high margins, so Bis will have plenty of capacity for Mining and construction grades, but they will have to win the business back first, check out Austin Engineering linked in page and they are sprouting SSAB not Bis product. Just my view not financial advice..
BIS Price at posting:
$1.64 Sentiment: Hold Disclosure: Held
