Ann: H1 FY24 Financial Results Release, page-4

Yes you certainly got that one right. I didn't, although I refrained from going "all in"

Having spent a bit more time digesting the result, I am probably a little less disappointed than I was initially. It looks as though their costs were a little bloated following the recent acquisitions, and they have used this quiet period to reduce headcount and increase automation. A rebound in demand, combined with a reduction in costs, should make the numbers next half look quite a bit better. As they say in the release it will "largely rely on our ability to execute operationally".

I'm guessing that there won't be any new acquisitions for a while. Good opportunity for management to continue sorting out the existing businesses.

I still believe that the medium - long term prospects for TRJ are likely to be good. It is still cheap (and likely to get cheaper in the short term). The investment case is not broken