They floated based on a non-existent presence in Asia (no office outside OZ). So it was always going to be a slog.
Hopefully the incoming work from Asia, that they've traditionally done at or near cost, has started to become profitable. Overhead won't be much lower if at all (they were small to begin with and can't yet offshore their labour). But China (I believe they received most Asia-originating filings from China) has shifted focus away from rewarding bulk work to instead rewarding quality. This makes it easier to make a profit after receiving the work, but it also opens the door for more costly competitors.
It'll be an interesting one to follow, particularly when it becomes evident whether they can make the Watermark name work again.
XIP Price at posting:
$2.44 Sentiment: None Disclosure: Not Held
