Ann: Swick closes strong FY19, enters FY20 with growth platform, page-3

Considering FY 19 is a transition year these are good numbers delivering to guidance. EBITDA up 48%, Margin up $42% EBIT up 900%. Although EBIT still small in absolute terms its on the way up. At end of day its all about EBIT. Big increase in utlisation for FY 20. Strong evidence produced solid platform in place to build on for record EBIT in FY20 to deliver decent returns. High fixed cost cap intensive business which needs volume to recover costs and returns for shareholders. We are on our way. Cash flow improving despite high cap ex building new rigs and Oreexplore development. For me this comforting - no nasty surprises meeting guidance- just delivering on their growth strategies in a measured and controlled manner. No guidance for FY 20 yet but hard whilst in transition to heavier new rigs etc. No mention of debt reduction yet but this will obviously be next strategy to get EPS up. Looking fwd to hear what the brokers say at the conference call next month. But for me this is all systems go. Great company. Great leader in Swick. I think he lives for the company and is extremely passionate but in a controlled manner. We dont need youthful exuberance. Its all about the future and the future is NOW!