Yes you certainly got that one right. I didn't, although I refrained from going "all in"
Having spent a bit more time digesting the result, I am probably a little less disappointed than I was initially. It looks as though their costs were a little bloated following the recent acquisitions, and they have used this quiet period to reduce headcount and increase automation. A rebound in demand, combined with a reduction in costs, should make the numbers next half look quite a bit better. As they say in the release it will "largely rely on our ability to execute operationally".
I'm guessing that there won't be any new acquisitions for a while. Good opportunity for management to continue sorting out the existing businesses.
I still believe that the medium - long term prospects for TRJ are likely to be good. It is still cheap (and likely to get cheaper in the short term). The investment case is not broken
TRJ Price at posting:
$1.30 Sentiment: Hold Disclosure: Held
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