Ann: Cardno Announces Early Repayment of USPP Notes-CDD.AX, page-38

Profits have declined, that's a very different thing from saying they are declining.
It's not clear from this announcement that they are still declining as restructuring costs could be distorting things.
I think most likely revenues are plateauing, you know I hear the same ideas as yours everytime I buy a company.
It is reckless to value the company on 100m peak of the cycle earnings or low (if not bottom) of the cycle earnings (say 7m NPAT + 4m reduced interest + 4m restructuring +10m loss from discontinued operations + 5m IT = 30m).
This is what a turnaround looks like, the writedowns and one-off items depressing profitability this year will all be benefits next year.
Why am I worried about missing out? Because as sweet as it is to buy a share for $1 and sell it for $4 buying it for 80c would be even sweeter.
Pleased you took a little profit.