Report wasn't great, but it far from sucked. Very few companies...

Report wasn't great, but it far from sucked. Very few companies ever grow in a straight line, especially manufacturers like RFT which are genuinely lumpy. As I pointed out though, unlike some other companies that get caught out with a higher cost base when revenues surprise to the downside, RFT improved their gross margin from 54.08% to 55.63%, and the EBITDA and NPBT margins were flat (19.35% to 19.34% and 18.76% to 18.39% respectively).

Also, can we lose the myth that the large spike last June was a pump and dump? It's such a lazy way to explain what happened. Look at the top 20 holders from 2016 report, released after the volume spike. Not a single holder in the top 20 of the 2015 report lowered their holdings. Rather, we had some new holders join the top 20. Jian Xu (can't find any information), Nick Yeoh (Director of Sales and Marketing) and Nigel Machin (Senior Power Engineer) added 44m, 21m and 20m shares respectively. Add to that two directors adding 11m and 20m shares, plus a few others topping up a couple of million each. Look at the volume in that time and it is clear that the only point they could have picked up that many shares was after the announcement of the RT18 being built into Efacec's chargers.

Knowing this, what is more likely? That RFT management put out a nothing announcement purely to create volume to dump shares (which no top holder actually dumped into, even the large holder who has expressed interest in selling their shares) or did RFT management release an announcement that several top employees and other top 20 holders believed was such a significant announcement that they would purchase large sums of stock on market at any price (driving the price up)? Of course that leads to HotCopper getting excited, driving more volume and more a higher price in a self fulfilling cycle, then the "dump" becomes those traders getting bored and selling.