Ann: Appendix 4D - 1HFY20, page-7

Double ouch....seems they just don't know what they are doing. The trumpeted 9.9% margin heading to 16% is blown even further into the outer universe. On revenue of $58 million we should have grossed almost $6 million EBITDA and we would be in much smoother waters. I read the directors report in its entirety and can't find one titbit of hope. There is no hint of how to correct this ship which obviously has holes. I even find the explanation of aqura's lower profit as attributable to increased headcount in readiness for next half growth strange. Makes me wonder how new staff and capabilities are integrated into a working business. Is the Aqura growth going to translate into a much greater EBITDA and if so how? The loss at Olympic Park is out of control. I agree with the former two posts..don't know the answer to the accounting question of Mikey. The only thing they seem proud of is 'strengthening the balance sheet' which was due to the sale of Elton for a $3.9 million loss. What on earth have we got for a Board? Yet another quarter of activities has gone by with further problems highlighted resulting in a dismal financial performance. Methinks another interesting AGM awaits, this time more likely a different outcome for those seeking re-election.