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IF could have agreed a sales and marketing budget with DSM to facilitate market traction, with milestone payments based on ROI. And since PXS brought it in house, what is the strategy? There is none, just tick along until hopefully ByHealth come to save the day. One could argue it's a dereliction of duty

PXS could easily have raised a small sum of money to employ a person to implement an omnichannel sales & marketing campaign

Might as well pick it up for peanuts when it goes into administration

Incorrect as usual Alf. The one thing that has held us back is the lack of sales and market traction

Fair summation skid

The point about acquisitions was bizarre considering they can’t even sell anything atm

Ondo have given figures for the % of penetration of the addressable market before for the Scandics. It will of course vary by market and what initiative the insurer puts in place to drive adoption……….which is why Ondo were very keen for insurers to roll it out for free

Taut - Engine shop visits are still averaging around 300 days, which significantly limits near-term capacity.

The issue is capacity in the MRO sector. It takes time to remove engines and replace them and there is no spare capacity in the MRO sector, in fact quite the opposite, the MRO sector is particularly constrained, post COVID and hence is seeing escalating costs being passed on to airlines because there's a shortage of skilled labour and workshops.

Middle East Money - thanks for the insight. Can these brake fans be retrofitted to existing aircraft?

I think it's in relation to sector increases seen, on the back of increased commitments in defence spending etc. Rolls Royce and Filtronic have both seen significant increases recently.

We all know that shares are tightly held here so a small shift in the equilibrium can lead to steep movements, which is what we're seeing. Here's hoping there's something fundamental underpinning this rise though

Taut - Fares are down though which is a little concerning.

I agree that the lack of forward guidance is a huge error and has led to the fear and sell off. Everyone knows the market hates uncertainty. It will become clearer after Q1 as you say but the fact they cannot forecast it feeds into concern that the management team don’t have a good grasp on cost management and therefore profitability. The hot and harsh is a bad faux pas - they could’ve leaned on industry experts to gain this understanding and it’s clear they’re unclear on which routes they’re operating are profitable or not, as they reference undertaking this work.

It is good they recognise these blind spots but not good that they haven’t addressed it yet. Things will improve but it will take another year or 2.

Yeah that's a fair summary Taut, we are already 3 months into FY26, so I don't expect any improvement for the next year.

I'm still reading through the transcript from the call earlier (Morgan - thanks for sharing) but a couple of things stood out to me..........

1. Hot and Harsh is causing a new and major issue. This is when engines require more regular maintenance because they're operating in harsh environments - see Middle East (Saudi, Dubai etc). This is having an adverse cost impact. They are now looking at retrenching from this market to refocus on CEE.

2. They are looking at altering their aircraft ownership model away from pure sale and lease, to some outright ownership. This won't happen immediately, but likely from FY27 onwards

The lack of forward guidance is probably an even bigger factor than the poor 25 results. Investors don’t like uncertainty as it feels they’re covering something up. Looks like fares are down although load factor and capacity are up. Quite why they’ve not been able to gauge visibility over future trading seasons is anyone’s guess but it won’t help investor sentiment.

Going to be a hold for another year until we see some brighter skies

Money for old rope for NSAI, literally a copy and paste job.

The difference in discounted cash flows are because they used a different oil price for the calculation

Yeah, it keeps the lights on but not groundbreaking. Need new and profitable business to drive the SP

Great publicity

Always jam tomorrow with VEL unfortunately. However, with Boeing sorting through their problems, and military spending rising, they really have no excuse for not delivering over the next 2 years. If they haven’t by then, I’ll move on to other ventures

Well the broker clearly isn’t very confident……..only taking up £10k of the £100k option

This is brilliant - getting Ondo's customers to market our product for free is a great achievement. The fact this was to an audience of similar companies from across Europe could really start to open some doors in other territories. I expect Ondo will be getting some enquiries following this!

Yes this is very good news. Mr Lang will know more than most about the company's state of play and where it's looking to go. What's encouraging is that it's such a comparatively small raise, and will have been discussed at length by the company and Mr Lang to ensure it's sufficient for achieving the plans. We should now see some positive and long overdue momentum from here

I top sliced some RR shares at £2.50 to buy in here at 4.25p. That will go down as probably one of the worst trading decisions ever, given RR is now at £8+ and we're at 1p here.

Elsol, you make a valid point..............the only point I would make is I hope John realises that sometimes there are people better placed/skilled to carry out certain tasks and delegating responsibility is not a weakness. If his personal style is affecting business relationships and holding the business back, then he should look at delegating authority to sales managers with remits to grow those relationships, within certain parameters.

This has been a point often made about John, and as the business grows, he needs to avoid micro managing and take a step back and take a more holistic approach. Difficult to let go of certain activities, when it's his 'baby'............I know myself from having run my own business.

John is front and centre of ITX, at the trade shows etc and very well known in the industry. If his style can come across as abrasive, then it would be wise to let others handle customer facing interactions