Ann: Trading Update, page-6

Yes the environment is tough out there, however the business had suffered a significant hit some time ago (2019) yet they don't appear to have made sufficient adjustment to correct their operations. That's 3 years! I accept that the issue is not that management has done nothing, far from it, I believe that they have tried their best, however it shows that they do not have the skill to do what needs to be done. With these debt levels shareholders will be punished further unless there is a massive correction to results, if its not already too late. A business that takes a hit needs to turn around quickly otherwise the hole becomes deeper to a point where its unrecoverable. the first thing that suffers is that all the good people leave, then you have little chance to correct the downward spiral.

I'm OK to support management when times are tough, but the reality of the situation is that they have to correct the business issues as no business can survive with high debt levels and next to no profit for any length of time.

A good management team will quickly identify the issues and rally the troupes and make the necessary adjustments to return to the level of profitability that the business should be operating under.

The full year will show a revenue line of $480m and a profit of $5m (if it doesn't further deteriorate) There are $475m of costs that the business has to address, it would be different if they only had $5m to work with.