Have to concur with above.. this will come as a bit of a shock. I don't understand why management are going out of their way to say the drop off in revenues & profits were ''as expected'' due to the NBN revenue decline. Literally a few months ago at the AGM they said continued demand for their services is expected (including telecommunications) and that earnings are expected to remain resilient. Granted there were some caveats in there - particularly around Covid and a stronger 2H.. but certainly no mention of 2021 being a 'transitional year' as prescribed by this release.
Definitely seems to be a huge change of tune & will be a rough day tomorrow.
SSM Price at posting:
$1.71 Sentiment: Hold Disclosure: Held
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