Ann: FY2023 Annual Report Appendix 4E, page-13

I guess that it was the guidance on 24FY revenue that sated Mr Market.

It may take a year or two for revenue to translate into net profit- the first ship in a run is a bugger- later ships just make themselves, apparently.

My understanding of what caused the problems pre-2016- Henderson were too impatient to show a profit and lent on Mobile to show lower costs and higher profits- and were given what they asked for. They should have just been more honest with the punters.

In a sense, the losses/extra costs on the first ship/s are an asset- the learnings on the early ships bring profits on the later ships- that is what an asset is- isn't it? Anyway, by the same reasoning, the losses that I took when I began investing were an asset- DTAs of course- but I learned so much.

Anyway, agreed, the balance sheet looks sound for where they are. The loss for 23FY was larger than guidance but seems to have been accepted- so far. Just get the contacts right. You pay good money for people to get this stuff right.

IMHO DYOR