I think that was some good buying at $1.30's. I didn't have any cash in my trading account so missed it before the bounce back today...The HY report wasn't great, management need a much tighter focus on admin costs (first time I've ever seen a results presentation with the words "$0.8m of unbudgeted costs" as a reason for overspend), but was good to see gross margins and volumes both holding up. Investment is necessary as the company grows, but this could clearly have been better communicated by management.
I think fair value after the result is in the low $2's, but if they have a good 2H and cashflow is stronger then we should all be very happy.
LHC Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
