The results look to be close to the most recent guidance, so no great surprised there.
However one red flag which stands out is the organic growth rate,
Target is 10% per annum,
At Half Year results, it was reported at 9%,
In the full year results it was reported at 5%.
Seems like almost no growth in the second half....
No guidance given for the current year, I wouldnt be expecting significant growth in revenue or profit.
At eps 2.7c for the continuing business, its currently trading at a pe of 17, not cheap for a low growth company.
In the recent past it has traded at a PE less than 10 based on forecasts.
There's significant risks in this business now, bringing together a number of discrete unrelated businesses
and the proven history of failing to deliver on forecasts.
PGC Price at posting:
46.5¢ Sentiment: Sell Disclosure: Not Held
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