So, Homeground is no longer for sale. They couldn't sell it when it was valued as a current asset at $56M so they've now listed it as a non current asset at $63M....what?.....And as a result of this reclassification (which was presumably required/directed by the auditors - finally), their balance sheet is in big trouble and it will be a problem for them wanting to win government work or any work where financial assessments are undertaken. The current ratio is a massive warning bell.
But perhaps the most alarming thing is their delivery performance. If you look at page 13 of the annual report it shows another loss of $9M on sales of $208M.
They're simply not good enough compete in this industry.
DCG Price at posting:
19.5¢ Sentiment: Sell Disclosure: Not Held
