Mgmt have been claiming there is so much work out there including claims of a significant pipeline and industry activity, but the last major contract they announced by Nov 2023....a full 12 mths ago and the results in 2H24 were all delivering on the contracts announced then and prior
In FY24 they had 85m in revenues and generated NPAT of 3.6m and Operating Cashflow of 10.9m......If I look at their results presentation, they indicated they had ~33m in subsea business, and ~10m in Corrosions tech/Advanced materials work.....so at the moment (well in Aug) they have indicated they had ~43m worth of work....well short of what is needed to even equal FY24 performance (let alone grow)
AGM on the 21st, so hopefully they can shed some light on their contracted work and pipeline, but this company tends to be very quiet, so who knows where they land for !h25 let alone how FY25 is shaping up
MCE Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
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