Although a disappointing quarter and first half (yet more delays), there are some potential positives from the quarterly call: - business units in target growth areas (Industrials wastewater & Biogas/ Industrial water & municipal) have been growing. SPS and recurring revenue increased by 14% over first half 2023. Recurring revenue increased by 2.5mill year on year. - Gross margins above 30% (8.3% increase over H1 2023). - Reduced business expenses (20% compared with H1 2023) - New order activity behind $15mill. LOI for new projects of over $16mill to come in daily over Aug/Sept. - H2 2024 expected new orders $50-60mill. - Backlog $96mill (increase of 83% compared with H1 2023). - JBS still on the cards - Operating cashflow for H2 will be positive, potentially to a significant extent. - USA production line expected to be completed by Dec 2024. Long term designing new machine/technology.
