Austal Management, page-3

I believe they did some wrong things back in 2016 and will pay a penalty via ASIC for that although my guess would be the penalty won't be too damaging but some of the board members then are still there now.
The thing is that these guys have a difficult job.
They made a solid loss back in 2016 when they had to make changes to their builds. The problem is that the contracts they have are large, run across several years and offer a very small profit at the end so any errors in their original estimates, and therefore their contracts, can result in issues.
Their net after tax profit across the last 4 years represent numbers between 1% and 4% of their initial revenue which shows how tight it all is. Their results when reviewed across across a longer period is a bit lumpy as they complete and then chase new contracts.
None of this is a criticism of the management. It's more an insight into how tough this gig is.
Their Balance Sheet is clean with plenty of cash and enough work across the next few years to support reasonable results. But they have to get more contracts.
The SP is not high and, if all the planets align and the US provides plenty of new work, this could be a great investment. If things don't go the way they want, then not so good.
I like them but have never quite made it over the line as a holder because I've always seen them as sitting a bit too high up the risk curve for me.
If I could see a few more positive signs out of the US, I would get very interested.