What an absolute dog that has turned out to beMargins plummeted,...

What an absolute dog that has turned out to be

Margins plummeted, rising debt, divi scrapped and poor liquidity!

Rising revenue but when working too cheap highly likely to get more work which looks to be the case here.

Debt now at circa $60m. enormous rise

Their balance sheet now have payables and receivables at same approx value however they only have $2.5m in cash. Very precarious position.

Do they need to do a cap raise??

Either way this has turned out to be another Mining Services poor performer- and in boom times. If work slows or there is some sort of hick up this thing is all over. Too highly geared and too small
margins

looking at the multiples this has traded at since listing I expect the SP to be at around 55-60c until full year results come
out. If it delivers a similar half as the previous it will continue its down hill slide

How do management and brokers get this so wrong, it's only been list for such a short period

Poor performance all round