Not trying to be a contrarian, but I have had a quite positive...

Not trying to be a contrarian, but I have had a quite positive feeling after reading their results and presentation. The share price movement has certainly disagreed with me.

2H was a big improvement compared to the 2 halves before (2H FY20 & 1H FY21). May it be an early sign that APX are starting to pulling business together again after the efforts of restructuring and reprioritizing?

Progress in customers outside those American tech giants was quite encouraging, with China being the highlight.
Diversification to reduce the risk of dependance on a handful of clients for income is always a good thing to see.

We are reassured that what APX offers is still very relevant and no risk to be replaced by AI in the foreseeable future. More than that, we now know that APX is materially ahead of its nearest competitor in terms of revenue. This is a competitive moat in itself, as they are operating in labor-intensive field and larger-scale normally means better margins.

Their oder book in FY22 is so far USD190M, which is a 15% INCREASE on pcp. A lot of people got confused here as last year it was stated in AUD240M, and hence at the 1st glance, it was easy to take it for a downgrade. Even AFR today has made the same mistake by publicly saying that APX has started this financial year in a bad shape. This must have contributed to the damage of today.

I have to dig much deeper into the results to have more understanding about their margins.
But on the revenue level, they are on track to achieve the aspirational FY26 target if they can maintain the 15% increase for the whole year.