I should point out that this includes a tax refund, and a...

I should point out that this includes a tax refund, and a million from a reduction in inventories which is good to see anyway, given that some had suggested a write down of inventories may be needed.

So the second half ebitda of 1.6 mil giving a run rate of 3.2mil. Ev of about 20mil giving a trailing ev/ebitda of 6. Good to read that they expect ‘Major project work is expected to increase in FY19 as a result of work already secured’.

The ebitda at the end of fy17 was 0.2mil so assuming that was the trough, then one would hope this is just the start of a cyclical recovery. The peak of which is the million dollar question.

@madamswer i assume the ebitda was a bit below your expectations, how would you model next years ebitda, if you don’t mind me asking?