I exited at $1.75, missing the final spike to $2, but seems to be the right call. Not a lot of surprises here in the trading update for me. Clearly revenue was going to be weaker this year on Defence revenue. Gyro's didn't have the backlog from Strategic Marine to deliver this half, so again the weakness to be expected. No big backlog in the Gyro orderbook either at this point, product is still growing its market. Sharrow by Veem has been much slower than market anticipated, but in line with the concerns I raised on slow testing results. Seems like they are flagging margins challenges with the Sharrow product as well given costs to produce. Interesting to see they are expanding capacity in the factory, mainly for propulsion. Hollow Bar is a great consistent earner and expect there is a much bigger market out there for it if they can find it. Looking at the chart, there was a similar drop in the chart in mid-Nov 2021 (AGM?). The share price continued to fall for another 6 months after that, let's see what happens this time.
VEE Price at posting:
$1.21 Sentiment: Sell Disclosure: Not Held
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