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Yes Hound, Things going back all the time but I suppose it's hopefully to include good news when you actually deliver? At the moment the SP is holding and in theory, considering the fund raise at 35p, that's quite a good sign.

This whole situation is down to the March '23 contract funding not preceding, which is totally out of SRT's control, coupled with the biggest contract we've ever had. It's our success that's partly caused the problem!!!

I think the larger reactor takes turbine blades up to a metre long. I suppose it depends on how many there are on each turbine and how quickly the customer wants them plus of course how many customers we have.

In the RNS of the 1st of March '22 it was fairly gung-ho and HDD was in discussion with multiple companies which is why I thought we might need another one.

Your point?

Seems quite complicated and involves a bit of dilution but as Simon said " a truly transformational commercial leap"

I intend to do a top-up so dilution no problem - happy days!

Hi al180. The following Is a bit of guess work. 2/3 years ago a standard reactor cost a £Mill so by now a larger one would be some £1.5 mill? As they are unique I would guess perhaps 4 to 5 stage payments around 30k to 40k ?

One for the AGM perhaps?

Hi Al180, I do agree that there is a different feel to HDD now and the B0D is much more pro-active. However the constraint in future growth could lie with only one larger reactor re the energy market. We might make enough cash to at least place an order for a second one should it be needed but this will probably result in a loss for the current year?

As you say we have capacity to raise production anyway. So probably no profit this year 24/25 if we do order another larger reactor but maybe just maybe a maiden profit for year 25/26 which will neatly bring me (and I do intend to still be here!) to my 20th holding anniversary. I just can't wait! Cheers.

Don't want to be a dampener on future orders and revenue but everything at HDD takes a long time. I've been here since November 2006. I once posted that it was a race to the cemetery for me on the one hand and and a dividend from HDD on the other - and I'm now 82!

Over five years ago we were selected to provide wing components for the airbus A380 wings -(May 1919) and the A330 wings (August 1919) and also had successful Lab testing done for EDF turbine blades (March 1919) What's happened in the last five years to the revenue? Not a lot really.

I do find it frustrating, HDD has a truly unique selling point and it is the best - better than all the rest! But we still can't make a profit!

The business model is also slow. The lead time for a new reactor was , and probably still is, a year and I'm guessing the larger reactor will now cost around £1.5 Mill per each. In addition I believe the USA plant has no more capacity for reactors and I think we can only get two or three more in our UK facility. So we may well need further premises as well as further reactors if we get meaningful orders. Onwards and upwards folks - but don't hold your breath.

Yes bluerill we may well buck the trend. There seems to be a steady individual increase to the order book and the commencement next month of one of the long term contracts is going to ensure ongoing revenues. I wonder if they can fund a second production line without a cash call? Feeling rather smug I did a top-up yesterday!

I can confirm that the sell at 11.16 was in fact a buy - I've got the Trade Confirmation to prove it!!

Hi extrader, I actually see some of the worlds problems such as wars and climate change as an incentive for some countries to increase their awareness of their surroundings. In the latest webcast Simon particularly mentioned both on the sea surface and below it.

Would be nice to get an initial milestone payment before the half year December end but I think that's to tight a time frame - but what a second half to June '25!

Very impressed with PS and the way he has transformed PYC in the last 12 months - now a totally different animal. Done a small top-up and now only need 2.7p to breakeven!! Onwards and upwards folks

Hi Hounddog, -I'm not to concerned which contract this is as on it's own the initial milestone payment will exceed the revenue of our best year anyway. This is the first RNS confirming our success as a profitable company. Long time in the coming but boy now it's here - hang on to Your hat - Next year is going to be mega!

Welcome aboard Hounddog10, well thought out post I must say. I've been here 8/9 years now and been to the last 2 AGMs I intend to go to the next one. The current spate of 'nearly there' contracts is purely down to admin delays out of SRT's control and although almost to good to be true it is the culmination of the hard work put onto the VSP and has built up since the days of the Pandemic.

Once the first 2 or 3 are commenced and up and running I would expect the VSP to deliver in more a more regular fashion.

Interesting point re the transceivers delivering enough revenue to run the whole company. Simon mentioned this some 5/6 years ago. Now the dealership is up to 4,500 and Nexus is being pre ordered this could well come to pass. We may need to increase the head count a bit and keep more stock n the warehouse but nothing else will be needed.

Thanks and Cheers

Hi JRC, Yes it is difficult to assess how things will go. Your calculations are is good as any I guess. One thing I like about the business model is using Flex to manufacture our hardware - all we have to do is order it with no upfront expensive production facilities to finance.

Once we get over this delay hump - perhaps by the end of the year - then timings of contracts should start to be more regular and our revenue will rocket.

I was concerned that whatever it is that the ombudsman is investigating re Simon was putting off new orders but no it's just admin delays re future contracts. Onwards and Upwards folks!!!

Simons webcasts often give the SP a little boost but this is exceptional! I've just relistened and my guess is that by the end of this year we will see real progress on the revenue front - both Systems and Transceivers. One of the contracts was 'a few weeks' - hopefully before the AGM?

Hi JRC, Simon mentions a VSP of about £1.5 billion So your guesstimate should be good and allow for the glacial speed of progress!

Margins. Simon once said that the 1st Milestone payment was for initial screens and servers but the expensive bit was our software which is comparatively cheap for us and so is a high margin milestone.

No real new info in the interim statement - which shows the last RNS was good. I did notice though that quite a few of the June '24 figures were better than the last full year which is encouraging for the current full year.

Well, short sharp and quite sweet!! All good stuff but have I imagined that Simon was under some sort of investigation? Nobody questioned that? (including me of course) As an aside I recently phoned SRT re the AGM and the lady I spoke to was the actual organiser and she said it has not been finalised but she said the current aim was late November.

One of the reasons why I'm backing Simon is that he doesn't just duck and run. He's always done webcasts and is as open as he can be. We know not the details of the investigation except it seems to be related to the fishing family Philippians. More strength to his elbow!

Hi JRC, I don't think it's the client who is stalling. If you look at the RNS of the 18th of May 2023 you will see that a loan was being agreed with an inter-governmental department namely the UK export fund and using a British bank. There is no official reason that I have heard of to explain why this is not forthcoming from them. It certainly is not SRT who is holding this back!

The latest on the 'cloud' over Simon, who I support, is in the RNS of the 24th of April 2024 . As I said - in my view it would appear difficult for the company to comment on these matters .

Hi JRC, If the cloud over Simon's head is the problem it's difficult to see what comment the company can make?