one of the best small caps on ASX, page-4

The FIRST thing TOX highlight in their investor presentation is "safety and our people". I know they are both important, but so is the objective of growing EBIT faster than revenue (or why turn up for work?)

Their core business of Tec Services contracted not only in terms of revenue but also margin. Industrial Services was flat too. These are heavily dependant on mining and exploration and I don't expect growth at all anytime soon. On both fronts TOX will be price takers - not makers.

Waste Services was the "hero in the room". Paid for with an equity raising to buy the Wastecorp business 2 years ago.

Their own outlook statement in foreboding.

Better value other places for me!