many thanks for the write-up.

The only hair on the situation that I can find for now is the customer concentration risk. It seems (as per FY2023 1H report, the top customer accounted for > 50% of revenue, and "65% of the Corporation’s revenues was realized with three (3) clients". Do you have any thoughts / view on that aspect? Is it normal for them?

Kind regards

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Hi. That is correct. That is part the size of the business (still relatively small - though changing rapidly) as well as inherent to the business. This niche industry tends to be local and relatively consolidated. Given the need to transport these large structures over short distances, there generally are few producers. So a few clients make up for a relatively large part of the business. On the other hand, the clients often cannot 'simply' switch suppliers.

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Thanks, that makes sense.

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