I'm not surprised by the resilience at all. The market knew about the outstanding claims on the nRAH project. Yes it would have been much better if that could have been tied in a bow prior to the end of the financial year, but it's not a big picture issue. The big picture is the contracts they are landing and the improved management
EBITDA has been significantly impacted by restructuring costs, redundancies, & legal costs over the past 18 months, and we are coming out the other end of all of that with some very desirable contracts in hand.
We have 3 insto's buying up stock in droves at anything up to 25c, Lanyon is capped out at just under 20%.
Once you strip away the abnormals I won't be surprised if the full yearly next month shows an operating P/E well under half that of similar business in the sector (and yes maybe even a dividend). Other players want these contracts bad, and I smell a buy out in the winds
After the half yearly there was initial selling and a quick recovery, same again with this announcement, except much quicker recovery this time (intra-day!). To me that says the small investors get spooked, and the big players swoop in because they know what's up
I nabbed another 30,000 shares at 22c, not gloating here, just stating that anything under 25c is an easy buy in my opinion
I'm increasing my target price to 35c to 40c
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