Here's the summary I did of 2023 if that helps. VRS are required...

Here's the summary I did of 2023 if that helps. VRS are required to report half yearly.

VRS announced a market presentation today of their 2023 results. Thehighlights are;

· FY revenue $100.9 million up from $92 million.

· Net profit BT of $1.1 million and have tax credits so essentially net

· Reintroduction of final dividend, in this case of 0.15cps, which on 8cshares is 1.8%

· The dividend will cost $750,000 so is more than covered by net profit.

· Cash of 17.3 million

· Capex spending on new technologies of $3.4 million and made finalpayment re Aqura of $400,000

· Debtors and work in progress of $29.7 million

· Work pipeline of $245 million for next 24 months

· Net Assets of $28 million is lower than market cap of $40 million.

Firstly it's good to see a report as shareholders are rightly concerned about the company. $0.6 million is a very skinny PBT so while the company has marginally improved on last year, it still leaves us in a vulnerable position. Is our position any better than the above from 2023? Well for 2024 we made a net loss, the S.P. has dropped, the dividend was canned, revenue is down and margins are still way too low. That's what can happen if you leave yourself vulnerable. Hard questions need asking at the AGM. I downgraded my sentiment from buy to hold and now I've downgraded it again to 'none'. Nearly $200 million of work over the last 2 years for a net loss says a lot. The ever elusive 'respectable margin' remains ever elusive.