Thanks Longreach, all valid points. I would only expand on the...

Thanks Longreach, all valid points.

I would only expand on the product front, as I don't think the market doesn't understand yet what Veem have.

It's really 3 great businesses in one.

1. Industrial
There is a rock solid and profitable industrial business that set the foundations for the business. We heard in the AGM presentation that "demand generally for foundry-led, precision engineered products remains strong." The star product (no competitors?) in this space in coming years will be the Hollow Bar, which generated $6.2m in revenue last FY with only one major project on the books, it has so much room to grow.

2. Marine
Marine is in the name, so clearly a focus area for the business, but it really comes down to the two hero products for the business - Gyros and Propellers. We all know the story here, but Gyros could be a $50m revenue business by itself in 3 years and Propellers is already highly profitable and that is before the introduction of the game changing Sharrow prop. This will be the big profit engine driving growth over the next 3 - 5 years.

3. Defence
This is almost a combination of the two divisions above, but deserves it's own business unit. A consistent revenue performer, with $12.3m in revenue from the Collins Class submarine program last FY. Add in the opportunities around the Hunter Class frigates and international work and it becomes quite interesting. This is supported by solid day to day revenue, but doesn't take into account the potential if the AUKUS submarine program gets developed in Perth!!

Anyway, the point I am making is the product leadership of Veem should not be underestimated.