I am not predicting 46m NPAT. The main risk I see is that they damage the business laying off staff, I don't trust them to get 20m of savings.
I consider major damage unlikely though, in a consultancy environment it's very simple to identify people with low utilisation and as rough as it is for them the business will be run for profit.
5m underlying profit for the half, + loss from discontinued operations + crescent defense says that the half year result was not that bad.
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