Basham got the orders in, but what got him fired from memory is that shocking half result where he probably didn't keep the board informed and certainly not shareholders/market
there seems to have been a real effort since then to give the market clear guidance of backlog, orders to hand and potential new orders (and this has all been delivered on), but what seems rather obvious was that was missing in the 1H25 presentation (at the moment we are only aware of ~6m in Armor backlog & ~7m in Technology to deliver on).......this is not going to be enough to stay profitable, so they need to double that to stay profitable
Ultimately its that Armor division that needs to get to a regular quarterly/semi annual run rate plus more SUAS hardware sold (which is usually low margin) to provide more support work (which is high margin)
HCL Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
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