Ann: Financial Results Update - Half Year to 31 December 2020, page-7

some great comments in this release - I can't say it better than VEEM has (and they have the inside info):

“The continued increases in sales of VEEM Gyros with minimal increase to the overhead burden should continue to see the business generate strong EBITDA and cash flow." (Gyro sales only just starting, the big costs (R&D, testing/proof of concept, and shed) have been incurred, operating leverage should be strong)

“Across the business, and within Gyros, propulsion and defence specifically, we continue to see evidence of strong sales and profit potential for the rest of 2021." (ie, propulsion and defence - not just Gyros!!. PS. Worth remembering this business made circa $5m NPAT a few years back with no contribution from gyro. BUT Defence presumably goes backward in FY22, after the sub work completes)

“VEEM is in the strongest position it ever has been with an existing robust core business which has allowed us to invest and support our focus on the rapid growth of our disruptive VEEM Gyro product into the global marine market." (sounds very positive)

the only disappointing feature was that the gyro order book was only 3.9m albeit with "a strong level of leads and quotes out" and that Mark M "expects the expect the strong "sales trend to continue".