I don't think the movement comes as a surprise to me. The report...

I don't think the movement comes as a surprise to me.  

• The report got released late yesterday so there has been time for any investor, broker or otherwise to think of how to respond
• The sentiment on hotcopper looked to me to be a little lukewarm. Yes there was support but there were also those who weren't convinced. Well if I were playing I'd have used that this morning.
• We are being told that the flat revenue is because unprofitable business is being replaced by profitable business- which probably means that sales are growing in real terms this year.  To the extent we can see margin improvement we can believe that, especially if you trust the current management team.  But you can't under estimate the impact of losing trust once.  It's hard to regain. Retail shareholders fuel share price for the most part at this end of the market unless the story is so spectacular that it's hard to ignore.  We've had those days and it will take a while to recover I think.
• I think they over emphasised the slow down in the bedding market, and signaled that could continue through till Xmas.   From memory Aaron was talking about second half financial year for real gains.   That's a long way away when you could do something else with your money in the meantime

I have posted before that I think there is no easy way out of the situation Alexium is currently in. They can't afford to revert to last year's practices but even though I'm sure that there is good support from institutions and those still holding that doesn't necessarily translate immediately into share price rises.

Anyway it would be nice to be wrong.

Parsifal