Ann: Annual Report to shareholders, page-4

Always risks, but has net cash. Overdue debts low and problem appears to have been in 2 contracts that have been completed.

"The FY23 loss of ($1,212,418) was largely attributable to close out settlements on two projects combined with significant supplier and subcontractor cost inflation and skilled labour pressures on long term construction projects."

For the future.

1 Predicts higher revenue:

"continued growth in revenue is expected for FY24".

2 Predicts improved margin and has adjusted contracts to reduce risk:

"Impending changes to be made to SIMPEC management structure, project controls and contract administration systems, greater governance and contemporary contract models aligned with current market conditions we expect will deliver a much stronger financial performance over the coming period. These changes are already in progress with SIMPEC new works recently announced with Cockburn Cement Limited (“CCL”) valued at $105M under a TCE Model (Target Cost Estimate) that will deliver a more stable return rather than the associated risk of a traditional Lump Sum Model with SIMPEC maintaining their commitment on delivering safe, reliable and timely project outcomes to their valued client base."

3 Expects takeover to lift profits:

"The acquisition is expected to be immediately earnings per share accretive, not including the expected synergy benefits to both SIMEPC and Alltype Engineering."

I will give them the benefit of the doubt, but an update at the AGM on order book, revenue and profits is needed.