Also the speed and size of the downgrade is concerning, less than a month ago $21mil was the number. I do not think the tenders etc will compensate sufficiently if the early cancellation of 1 contract leads to 10mil drop in EBIT. Pie in the sky comments on the number of tenders for the 2nd half looking good with no committed work don't fill me with confidence.
The other services companies that have already suffered set backs will have sharpened their pencils in order to secure work. TTN is still be looking for the sharpener so will probably miss out on most of those tenders
This is very much like CDA where forecasts were backwards looking not forwards.
AUG Price at posting:
50.0¢ Sentiment: None Disclosure: Held
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