To be fair to management, in terms of positive updates, they...

To be fair to management, in terms of positive updates, they were very comfortable providing revenue guidance of $230-$250m, that would be a record revenue number. In terms of profitability, Andreas seemed to suggest that the Soul Patts loan is dragging down the profit result due to finance costs- i guess there is some merit to that argument given how high the financing cost is. At least we have paid down roughly half of the debt now and this management is to that extent burdened by the failings of the previous management team.

The Ukraine issue seems a mess- they blamed the relevant government departmernts for the export license issue but seemed to me like bureaucracy gone crazy- could they have forseen the admin issues? Who knows. But I cant imagine EOS would not have know what export licenses it needs as this is what they do.

On the export credit offset issue in the ME it seems this issue is now under handle with the JV announced in the ME- then again you wonder if they had ballzed this up.

A lot of the growth pipeline for DE laser and space seems like its dependent on seeking external funding, and it reminded me of the Spacelink disaster looking to partner with someone. Andreas seemed to suggest we can expect some updates on this this year but given the Company's track record its concerning. They need to partner with a prime and you wonder why a prime wouldnt have their own laser programme.

However given the turnaround over the last year and the wins in Europe I think this management has earned itself some further latitude at least until the end of the year.