I just listened in on the results call.I am very happy with the...

I just listened in on the results call.
I am very happy with the overall tone.

The big takeaway, is the anticipated ramp up in revenue from Aerospace and Defence.
This is predominantly US based. They have been working with a number of companies on R&D and prototype products, which are moving into pre-production and expect 4 or 5 projects to go into production in FY25. They specifically mentioned cold plates for radar systems and also working with about 4 leading VTOL (Vertical take off and landing) manufacturers, which are talking about being in production next year.

They are investing a lot of money in automation and capacity expansion, which they are beginning to see the benefits of, but which should really set them up for future growth. They expect capex this year to come back to around $7m this year, but possibly go back up to around $15m in FY25.
They seemed very confident about return revenue growth to the 20% range, primarily driven by expansion in A&D, and are committed to getting NPAT margins back to 20% range. They do not see any one-off exceptional costs in this financial year.
Labour costs were a challenge, but looks like market has cooled a bit. They do not expect headcount to increase as much this year.

The other areas of the business i.e. motorsport and Automotive OEM continue to grow quite nicely. They are seeing demand for their micro matrix coolers coming from other areas of motorsport as well as F1.

Overall, a great growth mindset and a company that seems to be managed very pragmatically and completed funded from their own cash.
Although there are obviously things beyond their control, they seem to have positioned themselves well to take advantage of structural growth drivers in A & D and EVs, as well as having that foundation of the existing business in Motorsport and Automotive OEM.