I simply don't understand how they could possibly put a positive...

I simply don't understand how they could possibly put a positive spin on this ... but they're trying!

From a disc perspective, I owned a significant parcel at $2.90 & sold it for $1 with a 6-figure loss. I've been watching closely ever since waiting for the turnaround moment.

This is terrible comparing 2H to 1H... the business is getting worse - see below (all the below compare 2H to 1H & hence represent the trend)
- Revenue down 67m
- Still have a negative 21m operating cash flow position
- Normalised NPAT increased 28m but is still negative 10m
- SGL Australia (the supposed golden goose of the group) saw rev down 9m
- SGS (UK) revenue down 15% or 30m
- EBITDAW for SGL Australia down 15% or 3m
- Receipts from customers down 10m to 523.8m

Net Debt increased 70m to 682.3m (Note that this INCLUDES a 83.2m currency tailwind! - without the currency advantage the normalised Net Debt position would be >750m)

So not only they are having issues O/S, it seems they are now having issued with the Australian Business... this is unbelievable.

CR coming for sure as the Bankers will want to reduce their exposure as the currency will normalise over time (mean reversion)

Cash conversion is now at critical point.

Lets also not forget the overhang of the UK Legislative Changes which haven't even begun yet.

All-in-all I'm still not going to buy back yet.