Actually, the 2021 profit forecast may be quite conservative at...

Actually, the 2021 profit forecast may be quite conservative at around $1.7 million for the group, (p/e 3x)
The reason I say this is that the Baltec numbers looks light given that it is expected to contribute $26 million of revenue and deliver around $1 million of EBIT this fiscal year.

Here is a table of know and unknown results and the forecast.



The 2017 and 2018 Baltec EBIT figures were disclosed in the 2018 Chairmans address.
We have not been given the Baltec revenues but in both 2017 & 2018 total group revenues were ~$32 million.
This year Baltec is forecast to deliver $26 million of revenue and that may be conservative.
The forecast EBIT on that revenue is just $1 million. That seems a little skinny given the EBIT result for 17 & 18.

Maybe they have learnt to under-promise and over-deliver.