Ann: Quickstep June 2016 Quarterly Report and Appendix 4C-QHL.AX, page-6

Not a terrible quarterly report, but not a great one either. Growth (or the absence of it) is the key issue clearly, and management need to make this priority one. Far too little insight being provided to shareholders as to HOW they will achieve aggressive growth. If they don't, a CR is inevitable within 6 months.

It is all fine and well to state that they have $125m in firm orders, but the reality is that these are the long term defense related revenues and their revenue projection for FY16/17 is about the same as the year just concluded - $50m. Unfortunately, that revenue figure seems to leave them still short of being profitable and hence the ongoing drain on cash balances at a rate of $3 to $3.5m per quarter excluding capital and investment cash flows.

We need sales growth. We know the goal. We need to see a credible execution plan. Management needs to also keep the market better informed in terms of what, why and how. Otherwise the SP will continue to stagnate or worse - drift downwards.

QHL has a potentially great product offering - backed by what is clearly a very capable operational and technical team. The business management team need to step up and lead this company to realise its potential.

Rant over. All IMO and DYOR.