You have only made 4 posts in over a year and all four are about...

You have only made 4 posts in over a year and all four are about SEQ. In all of them, you declare that you have no stock held. So forgive me if I don't actually understand the motivation here. I am not saying I don't read your posts as I do and as I have gone back over each one of them again. All four are negative towards the new management.

To answer your questions:

Firstly turnover is churning and as people say "turnover is vanity, profit is sanity. So its what you make on that turnover and in the PCP the answer was a loss. This year they made a profit of $451K and last year ( even after excluding the writedown of assets) they made a loss of $1,271 million. That's a huge improvement.

The cash flow statement shows that last year the cash had to be put into the operations to the extent of $2,491 million and this year the business generated $1,997 million from the operations. That's another huge turnaround.

The ASX has allowed its subsidiary Morrisons to reduce its core capital of which 90% has to be in the bank from $12 million to $7,5 million that's another $4.5 million that can be deployed to make more money. The ASX would not have done that unless they saw this business as better than it was the previous year.

The issue surrounding the drop in revenue was explained as follows: "The core revenue for this exercise excludes revenue from ‘specialist product’ sales, which were down $8.4M from $20.7M to $12.3M for the corresponding period. We expect revenue in this area to stabilize at around the $25 million annualised level equivalent to what has been reported in this half year."

I am not surprised that specialist product sales had dropped I think that everyone is suffering after the RC and that it will take time for the dust to settle.

So outside the fact that specialist product sales will take some time to rebuild. I would be very surprised if many of the businesses in this sector are not finding that there are impacts to their business after the RC.

Bottom line the business is in a far better position than it was last year. It has a more stable base of shareholders. It doesn't have a 19% shareholder that the market perceived as weak. The new holder was buying all the way up to this recent purchase so they must have done their DD on SEQ and are probably not stags.

The management structure seems to have settled down.

I for one don't mind the revenue being down if the results and impact of that are these results.

Look at how hard it was for CAF but XPL also had a good result. So this is really a mixed bag in the industry as have reported so far, but I see a trend that excites me.