One of my top holdings had half year results. The shares have very limited newsflow, so I was looking forward to the statement as this is the only time you get an insight in what is going on inside the company. I like the chairman’s statements from them, they are no nonsense, old school type of opinion which gets straight to the main points without any nonsense and presents it in layman’s terms. I thought the results were decent(slightly disappointing showing from the defense division, but the other two seem to be on the right track). At this point you need to take the management’s words that the orders will materialise in the medium term(which I do). While the increase in cash and dividends are all positives(as is the underlying increase in profitability once you remove the effects of derivatives contracts(gain of 0.8m in 24 and a loss of a similar magnitude) I noticed that the contract liabilities(work in progress which they need to deliver) has dropped from 52m in Oct 24 to 46m in Aril 25 to now standing at 31m as of Oct 25. My interpretation is that they are delivering their outstanding contracts, which coincides with the increase in cash. I still think that if they sell their non core divisions to trade buyers and the defense pipeline fills up, the shares could easily double.