Looking at the latest guidance they expect Revenue of $500 - $530m. 1H Revenue was $331m. That means 2H revenue is only expected to be around $169 - $199m. That's about half the revenue in 1H.
They do state that EBITDA margin is expected to return to historical levels but they would be talking about the %, not the actual $ amount. So would expect 2H profit to be quite slim. Perhaps these factors are affecting current sentiment and the share price.
Perhaps FY24 might be very positive but the market may be looking at the next news flow item of 2H and full year profit.
News: GNG GR Engineering Services Maintains FY23 Revenue Guidance Of A$500 Mln To A$530 Mln, page-7
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