ExactlyPerimeter security business has been relatively...

Exactly
Perimeter security business has been relatively rangebound between 12-15m over the last 4 years excluding IMOD, and without a similar contract, it is both EBITDA and PBT negative.....a loss making business

Access Solutions was slightly better in 2020 & 21, but not sufficient to support both the loss making Perimeter Security business and a 50-60m market cap company.

The key driver for the improvement seems to have been the previous CEO and also the huge improvement in the Services/Logistics business.

As I've said multiple times, without Aura IQ (and/or a significant shift in the revenues/profitability of the existing business), I just can't see it supporting the current market cap.

If no material change in the business, then by June this should have a MC of ~20-25m after return of capital (i.e. worth ~10-13c).......sad that mgmt have squandered the opportunity they had by hoping something would change while doing nothing that is visible or value accretive from a shareholders perspective

	Segment Revenues	FY 2018	FY 2019	FY 2020	FY 2021
1	Perimeter Security	13,015	12,446	17,739	19,269
2	Access Control Solutions	3,082	4,314	4,495	6,756
3	International Valuable Logistics	4,537	15,879	25,551	40,697
4	Eliminations	-270	-953	-1,145	-1,008
5	Total	20,364	31,686	46,640	65,714
6	o/w IMOD sales (excl tax credit)			4,781	7,754
7	o/w IMOD sales (USDEQ)			3,586	5,816
8	Segment EBITDA
9	Perimeter Security	-1,705	-2,656	4,270	5,861
10	Access Control Solutions	-17	-113	774	2,420
11	International Valuable Logistics	-949	-92	2,385	7,756
12	Eliminations	-270
13	Total	-2,941	-2,861	7,429	16,037
14			-1	-57	-41
15	Segment Profit/Loss
16	Perimeter Security	-1,287	-3,292	3,297	4,698
17	Access Control Solutions	-418	-540	-501	1,974
18	International Valuable Logistics	-1,204	-897	2,146	7,077
19	Eliminations	-270
20	Total	-3,179	-4,729	4,942	13,749