Hmm, had another look at the balance sheet. Debt up again, and still at worrying levels. They're not generating any cash flow to reduce it after capex and product development. But they are still paying a dividend even though free cash flow is negative!
Also negative net tangible assets again.
P & L statement - why are product development costs capitalised? Makes a massive difference to the bottom line (it's barely profitable if you include them).
Same old story. Spend a heap of money developing a new product, hopefully sell a heap at top price with healthy margins for a few periods, competition comes in, cycle also changes, and margins erode. Back to square one, rinse repeat. It's a tough gig. Cyclical, lumpy earnings.
It's not my type of play.... but if they produce a good result over the next few halves it is possible that some investors may get excited, and there will be a good ramp in there, probably by the same people as last time that are armed with silly valuation formulas that extrapolate growth to the moon.