wow...31.6m is a significant miss from the guidance of $35-38m
Mal certainly does not lack ambition, but sadly the orders they are taking in and executing on are not delivering close to what he continues to communicate to the market
Even after a pretty poor 2H (both from revenues and order intake which for FY25 is less than FY24!!), he is indicating revenues growth of +20%, Gross Margins stay elevated and EBITDA in the double digits.
The only positive is that they have scrapped that ridiculous dividend policy else they would have had to pay out their EBITDA (even though they have ~$3m in borrowing at Dec24).
Detect seems to be the only business that is actually delivering any tangible growth, while the rest has lost money (and even in detect, after all that time working with Telstra, they got a tiny order that surely could not have delivered any decent profit given the time spent).
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