Ann: Trading Update Ahead of 2018 AGM, page-2

Certainly not good news but also it doesn't feel catastrophic.

There seems to be a number of positive initiatives that management is undertaking.

Some positives "The Refrigerated Logistics division is delivering an improved performance following the recenttransformation program and the business has a strong business development pipeline.  H2 performance in RL will be a substantial improvement over pcp and that will also add to Groupearnings momentum." 

If the Refrigerated Division performs then it will be more saleable 

NPAT at say $57.5m on a mkt cap of $605m is a PE of 10.5 so if things at least stabilise from here then the value is OK