FY result out, couple of things which poke me in the face.

3 million good will written off in Willard Marine value. That's an asset which they paid ~10 million for. Given the comments about difficulty with government contracts, and the fact that Willard has a big 5 year contract finishing in 2021, I wonder if they will be writing off more value in the coming years.

"The change to the net present value of future cash flows used in accounting forthe Willard acquisition resulted in a gain of $354k being recognised in the incomestatement" Which to me reads the EBITDA would read negative except the company is exposed to some Forex risk

Zero mention of Lancer. Where did that million dollars go?

Admin costs at 11 mill up from 5.5 - I assume this includes the research costs, which I would imagine are much higher than 450k (development). To me this is the big one.

Cash on hand 2.2 million, Cash outflow from operating activities 2.5 million, cash to Willard 31 March 2020 US1.5 million. More high interest loans on the forecast, or another share issue?