Ann: September 2023 Quarterly Report, page-12

I have been looking at all the past reporting since 1Q 2020-2021
What strikes is is 2 things.
Firstly we had very good growth in the days of Lerwis Utting. I believe he was very well connected in the world chemicals market having come from BASF.
Post his tenure growth has virtually stopped and as remarked earlier gross margin is now about 22% where it was 25%
The other thing that concerns me is the way numbers are reported.
Originally they reported segments: Mining & Mineral/Oil & Gas/ Construction & Infrastructure/ Water
These segments are easy to understand and see which parts are performing.
From 4th Q 2021-2022 Oil ans Gas was changed to "Energy" that is fine also to understand
From the 31/12/22 quarter this changes to Mining & Construction. / Energy Servioces / Water Treatment. What hapenned to Construction? Is that so small it is no longer worth pursuing?? We were being told how potential work with Tunnelling machines was going to be HUGE!
This latest quarterly for period to 30/9/23 only lists Water Technologies and Chemical Services!!
Underneath that they have numbers for Mining and Construction and Energy Services.....What does that mean???? These latter 2 are clearly part of the first 2 but how do we interpret that?
ALSO..what has happened to our relationship with NUOER Group? That has quietly dissappeared.
Also, there is no separate mention of Highland Fluid Technologies that was acquired in January 2020.
We never heard about what happened with the impotant work SDV was doing with Exon in the States.
I worry we are not being kept honestly up to date with the business performance
Until proven otherwise I am unsure our current management team, specifically the Chair and M.D. are the best fit to carry SDV forward.
I truly hope I am proven wrong.