The S.P. of VRS is lamentable. I just added up the revenue for the last 4 years and got $363.5 million, and the losses before tax for those years adds to $3.2 million i(Aqura sale is excluded). That's a heck of a lot of work with nothing to show for it. With a little over a month to go before the end of the financial year, the S.P. drop seems to be a reflection of last year when the same thing happened without disclosure of anything untoward. We get price sensitive announcements when we gain contracts but not when we lose them as happened last year. I hope the same isn't instore for us this year.
Regardless, I'd like the chair to begin his report this year acknowledging how badly the board has let shareholders down. No more excuses like covid, lost Victorian contracts etc. There is enough revenue to guarantee sufficient margin to cover some unforeseen circumstances which clearly the board hasn't safeguarded us against. With the strength of the balance sheet after the Aqura sale, I decided to hang in there believing things could only get better. Perhaps i deluded myself. I certainly haven't enjoyed the scant mention shareholders get including the cliche, 'we wish to thank shareholders for their support' which under the circumstances, is completely meaningless.
How about this instead Mr Chair for your report....We realize the Board has a responsibility to perform better for shareholders. This year we have fronted up to this and have delivered a PBT of $5 million and today announce a dividend of 0.5cps.
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