Revenue during the year dropped 8.44 percent to $27.48 million from $30.01 million in the previous year. Gross margin for the year contracted 81 basis points over the previous year to 18.49 percent. Operating margin for the year period stood at positive 2.25 percent as compared to a negative 5.04 percent for the previous year.

Operating income for the year was $0.62 million, compared with an operating loss of $1.51 million in the previous year.

Terry Wise, chief executive officer of Forward Industries, stated: "For the first time in a decade, I am delighted to report that the company has earned positive net income for the full fiscal year 2016. This is a watershed in the Company’s history and marks the start of a significant turnaround for the Company. In a challenging environment, we have streamlined our business as a platform for growth whilst successfully renewing major contracts with our blue-chip pharmaceutical customers. These extensions are a resounding endorsement of the quality of our products and reliability of our supply capability. Going forward, our focus is to grow revenues through an expansion of our customer base, broadening our product offering to both new and existing customers and extending our relationships with our existing customers through long-term sourcing agreements."

Cash conversion cycle (CCC) has decreased to 88 days for the year from 108 days for the last year. Days sales outstanding went up to 68 days for the year compared with 66 days for the same period last year.

Days inventory outstanding has decreased to 21 days for the year compared with 43 days for the previous year period. At the same time, days payable outstanding was almost stable at 1 days for the year, when compared with the previous year period.