On p54 of the FY21 annual report:
"During the Reporting Period $13.8m or 36% (2020:$3.3m or 13%) of the Group's total revenues depended on a single customer (across a number of contracts / locations) in the Security segment."
MCS didn't announce any significant contract wins explaining the revenue increase of $10.5m for this customer.
In fact for FY21 overall, looking through the announcements I couldn't attribute anything greater than $0.5m to new contracts.
Does that mean the revenue increase is mainly due to more ad-hoc work? If so, the higher revenues seen in FY21 could be temporary.
Can anyone please explain?
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