Ann: Half Yearly Report and Accounts, page-4

I've just been looking at the half yearly report a bit more closely.

While clearly looking to the future, management is not overlooking the 'small stuff'.

For instance, they've sold the last of their civil services assets (at a profit), completing that part of the restructuring.

And they've somehow managed to cut expenses by a remarkable 31% over the year. That's pretty brutal. They're making hard decisions - and that's another great sign.

And I note they've got their existing rental barrier assets up for sale (p. 15). These have a book value of around $2 million. If they can get anything even remotely close to book value for these assets (that might be a big 'if') then there's another huge chunk of debt that can be paid off - and/or some of the proceeds could be re-invested in growing the business. Again though, they're not rushing into this sale - they're seeking 'additional regulatory approvals' for these assets in an effort to secure the best price they can.

Putting these assets up for sale is a further reflection of their willingness to restructure the business - and it also shows their confidence in the Ironman Hybrid.

I'm impressed. I get the feeling this is a company that's firing on all cylinders.