Ann: Trading Update, page-18

Autosime...yeah accept your point of 'just a miss", but that's accepting mediocrity.
This is a company that has spent $16m in CAPEX in 18 months to Dec 19...for what improvement in eps? Okay deduct $8m of this for the coating machine and process which has yet to materialise, then what have we got for the remaining $8m in 'improvements"? Put another way, this is approx 3c per share in money spent for no improvement and this, after the company has spent approx $2m to buy back shares.
Let's look deeper.
If we were seeing genuine improvement this would reflect in eps growth, but it ain't. EPS for FY16 was around 3.4c and we are still muddling in the same dirty water after having spent $20m in CAPEX from 1 July 2016 onwards plus $2m in buy backs. The question has to be asked: Is management using our funds wisely?
The answer thus far is NO!
But as I have stated above, I will hold and see if the CAPEX expenditure begins to bear fruit in the form of profits and cash.