Ann: Appendix 4D and Half-Year Report, page-2

Unfortunately, the company is not a cash cow and not a growth company.

3.5 years ago, the company was sitting just under $20m and will now probably land at $14m which is a 30% drop. No announcements of new customers in the past 4 years and now the completion of the Sydney and South Africa contracts with no replacements are an added concern. The presentation clearly shows a growing global market, but unfortunately, the revenue appears to be doing the opposite.

The going conern note states strong working capital but the underlying numbers show some weakness with receivables at $3.3m and payables at $3.7m and only $1.3m in cash. The positive cash flow comment also looks a bit mixed considering the payables have increased on quite a reduced revenue.