Ann: Half Yearly Report and Accounts, page-20

Is it a concern that no revenue was booked to EV's this half? Maybe. I honestly don't know. It is impossible to say without knowing RFT's commercial arrangement with Efacec.

But several RFT employees and management bought significant shareholdings on the announcement, the company is expanding their manufacturing threefold and commentary remains bullish on the potential of the sector.

Don't get me wrong, I was disappointed in this result. I was hoping for NPAT between $750k-$1m, obviously fell well below that.

All I'm saying is that in my time following RFT, I've never had reason to severely doubt management's honesty or competency. Key management and employees have skin in the game and their incentives are aligned with mine. So I will give them the benefit of the doubt for one bad half. If the revenue doesn't flow through to the second half as claimed then I am sure I will share your point of view.