It is a very stupid headline. Is the strategy to cut its way to...

It is a very stupid headline. Is the strategy to cut its way to growth now?

Is this a mature business looking to cut costs and improve operational efficiency, or is it a growth business?

I thought it was a growth business, but they didn't provide much commentary on growth at all. Maybe because there doesn't appear to be any meaningful growth. Rather than reading about what they're doing to improve growth, I read a lot of excuses. They are in three key markets. Malaysia, Thailand, Indonesia. In commentary in all three markets, there is no commentary on what they're doing to improve growth, but there is an excuse for the poor performance in all three markets.

They were extremely fortunate to have been in the money to get so many options converted. Judging by this result, they're going to need it. But will it be enough? I'm not so sure. I haven't even bothered updating the spreadsheet yet because I know they are not growing fast enough.

I think they may have overdone it with the cuts. At some point you stop cutting fat, and you cut into the muscle and bones actually needed to run the business and make it grow. Have we crossed that point already?

Towards the end of financial year, I took a sledgehammer to some of my dog stocks. Mainly because I needed the tax losses to offset the gains on my winners.

Thankfully ICQ was on that list and I dumped almost all my shares.

Looking at these numbers, I have no regrets.