I would be the first to admit that Senetas has been a...

I would be the first to admit that Senetas has been a disappointment to me. However as I have said multiple times now - Votiro has been a game changer. It’s not the core hardware business that is exciting, it’s the software business that has the ability to grow revenue and profit.

Also who was able to predict the impact of Covid and the consequent chip shortage?

Profit before tax

FY2017. 5.26 million
FY2018. 5.80 (eliminating impairment)
After that we started seeing the impact of Votiro and the Covid/chip shortage impacts.

everytime Senetas reports a loss we see a big hit to shareprice. I always try and look through market price gyrations to where the business is actually going. Would I prefer to have sold out in 2018 and be buying back now? Absolutely! However I don’t regret at all being still in the stock now that we are close to the turning point. Both the core business and Votiro are on track for revenue and profit growth over the next couple of years.

it’s still a gamble - Votiro could still fail to make the sales it needs to, it could still fail to get to cashflow breakeven and then profitability. However if it does achieve these goals, 1.5c is going to look pretty cheap!

February won’t be great (said that a number of times now), with both the impact of Votiro and the lower inventory transfers but it should give interesting information on trends.