Disagree that explosive growth is off the table. The initial...

Disagree that explosive growth is off the table. The initial hype was based on the FR product which (still) has the potential to take off explosively. The current revenue growth is predominantly Alexicool which was not the original product.

The problem is that the FR market did not change as quickly as expected. Legislation has only just begun to take action against halogens whereas 2-3 years ago it sounded like that change was imminent. Governments are slow to act.

However, the same story 3 years ago still applies today. AJX is the sole provider of a chemical solution that meets new standards and is in the process of acquiring the US military as a major client. This is exactly the story that got us to $1 and none of it has been taken off the cards, it’s just taken longer than everyone expected. The current revenue is essentially a bonus, something we never expected at the beginning. Unfortunately, the market appears to be too short-sighted to see that so AJX is being priced solely on its Alexicool product. On the bright side, that means we will get explosive growth in revenue and share price as soon as they manage to get things moving in the FR market. I imagine if/when we land the US military contract it will take us straight back up to $1. The downside is they are also incredibly slow to finalise things.

Still … management earmarks FY18 as the year that the FR product ramps up. There are still explosive catalysts on the horizon.