Ann: Appendix 4E and Annual Report to shareholders, page-6

Not harsh, you are spot on. Pretty hard to put much trust in managements forecasts after last year. It reinforces this is certainly a cyclical business witch is heavily reliant on contracts.

I do still like their aquisitions resulting in virtual tower business, this will take some time to grow.

I also think we are at the bottom of the cycle and with covid out of the way, air traffic increasing, more training likely required and military spend increasing there is a good opportunity here. I thought adacel having these niche market we would have seen steady growing earnings but unfortunately not. The service revenue was meant to be a re-occuring in nature, but is proven to be lumpy.

As always wish I had sold at the top of the cycle when I bought at it's lows last time around, and watched it go to $1.35+, but not to be. Have to hold out until the next round.

I would be interested to see what the guys at thorny investments think with their 30% stake, surely they are looking hard at ways to maximize the shareholder returns - I suspect they pushed for the buy backs. Possible sale/take over of the Business would be handy right now so shareholders could put their capital somewhere else.

In the mean time, fingers crossed for more contracts, a div and an upgrade cycle. There is a decent business somewhere in here.