06 Jan 2016
Lower sales but returning to profitability
The return to profitability is encouraging, albeit the delay in a Middle Eastern project has tempered the H2 performance as reflected in our forecasts below. Importantly, the balance sheet has strengthened markedly with net cash of over $2.0m comfortably exceeding our expectation of $0.5m net debt. We retain our expectations for FY16 at this stage, with the rate of improvement encouraging and the Middle Eastern contract still pending, and await more detail on trading with the finals in March.