In August they had $33m Surf revenues/work secured vs $38m now, but a key sentence added on the Surf slide (6) is "Further Growth and another record year expected in FY25 for SURF" => they generated $75.7m in Surf revenues in FY24 so this seems to indicate they expect to exceed that (although the 2 contracts they mentioned in August that were expected to be awarded in 2024 seems to be "1 near term project that will underpin H224 revenue"......I wonder what happens if this gets pushed out or they don't win the contract?)
Drilling market.....still $130m of competitive outstanding quotes (no change from Aug)
It seems that they need to hit revenues of ~$40m for each half to break even, and its not clear they will do that......at a minimum they should have pre-warned the market at this stage, because it is going to be a real shock unless as they did last year indicate large awards some of which will get delivered in 2H25 (plus a lot hanging on "expected" in the surf space)
MCE Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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