Ann: 2022 Annual Report to Shareholders, page-2

If you looked at the EGL Annual Report purely from a numbers perspective, whilst there was generally an improvement in each division, overall one could argue that the overall result was underwhelming. (Even after recognising the difference between a prior year credit to tax position vs debt this current year).
A look at the figures can mask the future earnings potential, not just from an improvement in operating margins and increasing revenue base, but from the knowledge of how the Water division in particular can build, in the immediate future:
"EGL Water has had a very exciting year with great results from our full commercial trial removing PFAS from liquid waste. In many cases removal was even to below detectable levels. This gave EGL the confidence to move forward, producing our first plant for sale into the marketplace."
"EGL Water finished the design and, with the help of Ignite Services and the Engineering team, fabrication is well advanced with the plant expected to be completed in the next few weeks.
It is an exciting time both from an environmental point of view, with EGL being in the position to support the removal of PFAS from our environment, and from a commercial point of view."
"Interest in the market around the performance of the product trial demonstrations has been strong with high levels of enquiry around the product launch."

"Our technology is effective but importantly at a low operating and capital cost, with no waste by-product produced. EGL technology requires no pre-treatment and is simple to operate. EGL Water’s PFAS separation technology utilises Gas Foam Fractionation for both soil and water remediation."
" EGL Water’s PFAS separation and concentration technology has now been demonstrated as a viable solution for treating PFAS contaminated ground water, surface water, leachate, and wastewater. "
"Research and development will continue into the treatment of PFAS contaminated soils, with trials currently underway providing encouraging results, using the same technology platform with Victoria University."

I'm looking forward to the developing story on this potentially lucrative and environmentally rewarding EGL Water division.