Ann: Business Update, page-31

prep for a very boring half year results.

1. FLAT, if not, slightly below expected revenue
2. Lots of fluff (talk about MOU, American site identified, Industry/F35 growth etc)
3. Blame on interest rates and macroeconomic conditions for poor results
4. Increased revenue, BUT decreased profits, decreased MARGINS

This operating environment and the recent headcount reduction + American expansion plans... Prepare for increased overall operating/operational costs.

I don't see or expect any major growth in the MRO and core business. In fact, I expect them to have a 'bigger contract value' BUT lower margins.

This is the reality now for QHL. Low margin, low profit