sen result was grim

For what it's worth my takeout on SEN's result & my basic (right or wrong calculations) is:-

Their announcement (first page of their 4E report) attempts to explain figures 1-3 yet only theitem "Suspension of dividend policy..." has any real bearing.

The other points beginning ..."New Stragegy being implemented.... " don't explain the figures at all, they are just waffle/platitudes.

Their NTA backing is down 11%.
Gross profit is down 10%.
Other income saw them earn $3.6 million from the sale of shares - hardy a core business activity or generic growth for an IT business.
Other expenses were up 27%.
Net profit for the period was down 5%.
Net profit attributable to members of parent was down 6.4%.
Cash & cash equivalents are down 59%.
Total current assets are down almost $12 million.
Basic EPS down.
Sale of goods was down 47%
Provision of services was down 20%
Other overhead expenses were up 34%
Net cash from operating activities down 24%

AND remember they failed to complete the buyback - obviously needing the money to make their results look better that they otherwise would have looked.

SEN has some learning to do when it comes to announcements. Their attempt to put a gloss on their announcement doesn't work for me.

The new MD must wonder what he's let himself in for.

There is a sporting chance his tenure at SEN will look very poor on his CV unless some REAL positive news starts to emerge and their numbers improve.

SEN needs $ in the bank from product sales to regain credibility. The danger is they operate in an industry where other competitors & parochial foreign soverign favouritism can knock them around.

Monday's announcement was ill-considered and in reality was pointless. All it did was unsettle shareholders. IT DID NOTHING ELSE.

Without the sale of shares in eCrypt Inc their result would look even more pathetic than it is.

And it's Galbally making the statements in the announcement, not the MD. Is John DuBois the CEO or not?

I hold SEN at the moment in the hope that sonething good turns up over the next few months. Otherwise it's goodbye.