My thoughts ALTFNCRES: I listened to all of the interview. If it is genuine, and I don't have personal knowledge of the BOD, then I thought it was a pretty good interview. There were some interesting questions and though I don 't know if questions were given before the interview, and therefore answers rehearsed, Michael Shirley answered them well and seemed on top of the game. I sound a bit suspicious but past experience since OTC days has had its effect on me. It will take a while for me to fully trust VRS again but shareholder trust (or rather lack thereof) is something acknowledged in the interview. The three strategies of coal face and data collecting, data storage and analytics seem well founded and the drive towards higher margin work is something that has been sadly absent in the past. Two points are indicative the strategies are working; firstly Shirley expects FY revenue to be $100 million+ (FY2022 was $92m) with an equal weighting H1 and H2 so I'll be looking for $50 million + in the half yearly. You can't build revenue like this if the products aren't sound. Secondly there is a focus on core clients, and with the claim they'll be getting 4% of the core client revenue from the Defence Ministry, then the expertise especially in analytics must have some substance to it. Having core tier 1 clients seems a good recipe for success, especially given the types of clients VRS services. All in all, I thought Shirley presented well and this is the first real sign the business itself has turned around, notwithstanding the offshoot Aqura, hugely benefited the company as a whole. It was nice to see someone put themself out there, and show competence in doing so. The proof will be in the H1 and FY 2023 reports because the positivity Shirley presented indicates this will now flow through to a positive bottom line. Let's hope it does so as the market has been waiting a long time for trust to be restored in the company and its leadership.
VRS Price at posting:
7.6¢ Sentiment: Hold Disclosure: Held
