It's a hold at best, IMO. Debt increasing from $28.3m to $31.4m...

It's a hold at best, IMO.

Debt increasing from $28.3m to $31.4m between 30 Jun 2019 and 31 Dec 2019 - they only say that debt decreased over the last 12 months rather than highlight that it has increased over the last 6 months.

Free cash flow now only $3.9m.

FY20 revenue expected to decline at a similar rate to FY19 - already disclosed previously.

Trading at about 3x EBITDA or about 4.5x enterprise value. It's not expensive, but at the same time it's not cheap either for a business that is in decline and the numbers not showing any signs of stabilisation despite the hubris language being used in the reports about winning back clients and getting new clients, etc. If they are winning back clients and getting new clients, there's obviously more churn with clients, which they used to disclose what the figure is but have conveniently left it off this time, which is a red flag. Price decreases to compete with competition would also be a factor as well.