Ann: Trading Update-COO.AX, page-12

You don't see that (SP < Book Value) often for a company with no debt, $12m cash, a business that operates profitably and has a substantial amount of accrued losses that can be utilised in the future.

OK we know margins and revenue has been declining but all the same operating margins are still good and retention of customers has been a prime focus for management. Net profit (before the one off tax bill) is still reasonable considering the decline in revenue and some additional costs associated with improving customer service and the technology platforms. You would have to think the decline has just about come to an end.

The share price really reflects expectations from some holders that the doom and gloom will continue and the business is in a permanent downward spiral.