Ann: Strong Q1 FY21 Results Quarterly Report and Cash Flow, page-14

G'day everyone!! Hope you are all well.

This 4C result was obviously a step in the right direction - after a good result for the Jan to March 2020 quarter just before the CR (funny that ), & then a bit of a shocker report for the April to June 2020 quarter (after the CR).

In this July to September 2020 4C & subsequent results presentation, there is now (suddenly) a large focus on EBITDA (which is good), but just about every time revenue was discussed they compared it to Q 4 FY20 (which was a really low revenue quarter).

Revenue has gone backwards a little from last year - which is as a result of dropping the unprofitable product lines, and also COVID disrupting the aged care side of the business (revenue down 13% in aged care versus previous quarter).

All the talk about the growing sales pipelines / tenders in mining & aged care was encouraging - as there is no doubt that this business needs a lot more scale to really improve their gross profit margins.

Overall, the professionalism of the reports were outstanding - so maybe this is the influence of the new CFO?

I hold a stack of SW1 shares, and will continue holding on the back of this report - as the market cap is ridiculously low at less than 1 x revenue.

However, they really need to scale up in a profitable way - as EBITDA does not equal profit in this company (due largely to a lot of shares being issued each year).

And I do worry that Pippa thinks it will be quite easy to go back to the market for another capital raise - and at these prices that would definitely not be welcomed.

Here's hoping that they start to announce some good wins ASAP in both mining & aged care - as that would certainly be a major positive for the SP.

Good luck everyone!!