You don't get much revenue from MOU's though onthecash. They're...

You don't get much revenue from MOU's though onthecash. They're kind of like sorting yourself out a date but still waiting for an invite to the party.

I focus on the the military contracts as that's where the bulk of the revenue comes from at the moment (and it's the industry I've worked in for most of my career so have the greatest knowledge of). In the last half year the JSF program accounted for 31m of the 41.5m in revenue for the company. They keep saying they're almost at full rate production so there isn't going to be any more growth here. There are other comments in the reports where they say LM and NG account for 80% of their revenue. I haven't done a full analysis to see how what the levels of "other" revenue have been over the years, but its what I'm watching moving forward to see if we're actually growing from all of these MOUs. I know Andy has done some good analysis in the past breaking down the different sources of revenue. The only proper technical analysis I do on Quickstep is to calculate their Altman z-score every year to see how likely they are to go bankrupt!

The next annual report is when we should see the first impact of the new MRO business given Quickstep doesn't have to report quarterly anymore. I'm intrigued to see how much business that brings in. MRO's aren't doing so hot right now given airlines haven't been flying.