Ann: Half Yearly Report and Accounts, page-19

I think the market hasn't warmed to the results because the market is worried about, and completely focused on, the Potentia takeover deal.

I think the results are a secondary consideration (though it is good - for the company and the prospects of the takeover - that the results were positive, a small profit has finally been achieved, and the class action has been resolved).

If the Potentia buyout doesn't go ahead, then the share price will crater - no matter how good the results are - in the short term. So, in my opinion, the current share price reflects the market's focus on the outcome of Potentia's due diligence, not the business results of Tyro.

Because the market isn't sure if the Potentia deal is going to go ahead, the share price is vacillating between "Yes it will" (share price over $1.70), and "No it won't" (share price under $1.60), with "I have no idea what's going to happen" representing a share price between $1.60 - $1.70.

All IMHO.