Tumbling is not the word that comes to mind when I look at the chart.
I would be surprised if they downgraded further. Conditions in the UK have stabilised and are slowly starting to pick-up.
The previous forecast would've been made when things were worse, so they probably considered their current run rate and made a conservative forecast at the time.
We won't see an upturn in earnings yet, but I reckon it will be on the cards in the second half.
REF Price at posting:
66.0¢ Sentiment: None Disclosure: Held