Ann: Appendix 4E-FY2023 Results, page-4

This result whilst an improvement on FY 22 was impacted by the performance of the Brockman unit. A closer look reveals:

FY 22 Rev 28.7 million FY 22 NPBT 0.8 million
FY 23 Rev 72.8 million FY 23 NPBT 0.6 million

Clearly scope and input cost issues delivered this result.

Hopefully this is not a troubled project that will continue into FY24 however given the departure of C Bishop in mid February FY23, there must have been recognition of the cost issues in December 2023/January 2024. I guess we will see in 1H FY24 whether this continues to be challenged project.

Syphon continues to be be the strongest and most consistent performer.

I expect FY24 could turn out to be a watershed year, whilst outlook for revenue is probably going to be lower given the current backlog, profitability could swing either way.