The clouds are beginning to part. VSI’s recovery has proved slower than expected, but recent operating indicators suggest conditions are turning. Production volumes have risen steadily since Apr 2026, driven by festive demand, new product introductions and supply-chain consolidation, pointing to a gradual improvement in order flows.
Although FY26F will likely be loss-making, healthy cash generation has preserved financial flexibility. With utilisation rates improving, the Philippines operation nearing breakeven and efforts underway to broaden its customer base, the ingredients for a return to profitability are falling into place.
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