Yeah I agree @fcmaster26 -- margin is also key here (as is so often the case). Even with FY24 revenue of $30m a 14% EBITDA margin will more than double the operating profit.

My view is that even if they fall short of their 3 year target, things probably look cheap -- so long as the general trend for revenue and margins is positive.

EG, rather than a 3 year target of $100m at a 25% EBITDA margin, perhaps they just get to $60m on a 15% margin (well short!) -- that'd still justify a market cap much higher than it is today.

The market seems to need more evidence that that general trend can be realised, which is fair enough. But a re-rate could be swift if/when it can be demonstrated.

The highlight (tongue in cheek) in the update is the 0.0017c share special dividend. I will be taking this out Dec 15 for a special Christmas Sushi dinner. Unfortunately, I won’t be tipping as that will be reserved to pay the tax on this special slightly perplexing unfranked dividend.

Hopefully it’s a sign of early profitability