Ann: Market Update - Half Year Trading Update, page-6

Unfortunately IRI fell into the age old trap of relying on competitive advantages built in the past and failing to monitor the shifting sands and stay ahead of the changes which really put them into a downward spiral. That being said I feel like they have tackled these challenges ok the past 12 months but the fruit from this will take time to grow so it will be a slow journey back. They have a good brand and strong relationships so if they can get themselves organised with a clear strategy I think from here its not a bad bet but not one I'd have a large portfolio allocation in.
I have long time horizon so happy to hold and see how they get on. I have ridden similar waves with a company called CODAN (CDA) in a very different industry but were caught napping and fell to 50c, slowly rebuilt the business and market trust and made its way to around $20 after many years. They've now gone into another wave of uncertainty and have fallen back to $4, happy to hold another 5 - 10 years if progress is being made.