trust company valuation, page-15

Whilst PPX continue to operate in Europe the group will continue to make losses whilst draining the resources of capital . The business model is flawed and always has been. In Andrew Price's own words no one would buy the European operation and so effectively good money is being thrown after bad. To lose 12% of volume whilst holding a belief that diversifying into higher margin areas to replace the core business loss is deluded , and a perspective of reality long overdue.