A Brief History of PRG -, page-23

I'm also a concerned shareholder and when I read the report last Wednesday I was expecting the share price to get hammered and although down initially it did recover probably thanks to Challenger buying.
I thought they missed on all fronts, the most concerning for me were: 1) Promised at least $100mil EBITDA with the half year result but only achieved $96.5mil. 2) Revenue for six months to 31Mar17 was $1,353mil compared with $1,508mil for six months to 31Mar16(down over 10%) indicating to me the business is not improving/expanding and they're not winning any new contracts. 3) Annual dividend cut from 11.5c to 7c. 4) Skilled integration & restructuring costs $23.5mil for the year compared with $33.9mil for last year - I can't believe they are still incurring these costs 18 months after acquiring this business.
There weren't really any uplifting statements to assure me that things were going to get better so I have to assume that things won't.
The underlying profit indicates to me that there is no room to increase the dividend from here.
The Challenger buying is positive although one would have to assume that most if not all of this shareholding
was bought before the annual results announcement.
Maybe some institutional investors can see value here, maybe it's another Spotless to be gobbled up and run more efficiently.