This is another very poor result for this company no matter how...

This is another very poor result for this company no matter how it is viewed and the SP will eventually suffer.
Mr Dowe and his Board should be getting very concerned that it cant manage any positive sales growth in the major Electrical segment which is around 70% of the total revenue.
The way the annual report is written (purposely) makes it difficult to ascertain the mix of sales by brand however working through the website it becomes apparent the high volume segment all goes through the Electrical Wholesale channel.
Therein lies their problem - no matter what acquisitions the business achieves they will not benefit from distribution synergies as the notoriously demanding wholesale sector will hold Legend to ransom as soon as they try to expand into the market direct or try to further open up the distribution.
If you take the SCE acquisition volume out the revenue from the base business has gone significantly backward for nearly four fiscal years!!!
It is apparent this company cant grow under the current business management and 0r business model - what happened to the supposed business review mentioned at the last AGM????.
Cutting costs can only go so far and without some positive revenue growth the business will soon not be able to pay a dividend at all.
Fixing the current business would be a better strategy rather than stating the board continues to look for additional acquisitions - steady the boat Legend board.

Time for change at the top - SIGNIFICANT CHANGE !!!!