Ann: XTEK Group CEO - Henslow Investor Presentation 27 Jul 23, page-2

Did not appreciate that most of the UAVs revenues were just XTEK being a distributor in the region (as opposed to them making their own). It does look like they add something locally, and the software side may be interesting (although you'd imagine that the manufacturers of those UAVs sell it as a package), but it seems the key here is ongoing support and maintenance and I can't see defense departments spending 10s of millions and not also signing up to the maintenance.......they have been taking about this contract since they announced the sales, so hopefully it can be done this quarter

In terms of Highcom, I'm just not sure how they can maintain the ability to scale quickly to meet orders, but the lack of any material contracts means they must be burning cash while they wait for a big order to come in.....again this needs to happen before Dec else FY2024 is going to look less than spectacular

Not an easy business by any means given the huge dependencies on one of contracts and hopefully ongoing recurring support/maintenance work off the back of that, but I have to assume that risk is built into the price at the moment (certainly FY23 performance is not what this price reflects.....it's all about what next and there is uncertainty there hence the price currently)