Place ya bets..., page-20

It's one of the worst results I've seen - literally every key metric is down significantly. The only positive they could find was improvement in contract renewals but if you look at the EBITDA bridge they lost significant margin to get these renewals. Hard to see how any funds will keep faith now. The contract rationalisation is also confusing - it seems to just be saying we have lots of terrible contracts that we will let lapse... and we might try to sell some. So in 3 years we might be a smaller revenue, higher margin business.. but it will cost us $25-35m next half to start this. Feel sorry for big holders on this