They spent ~$23M on purchasing Elton and Land Data (although $11M of that was debt draw down). This business produced a lot of cash in FY18. The results from FY18 were very good, that's why the share price headed to ~25c after their release. It's just the margin reduction in their surveying business 1Q FY19 that is a worry.
Good examples of cross selling in AGM pack, Elton business performing very strongly in 1Q FY19 with strong margins and good revenue ... just need to get the surveying margins up. Reading between the lines, seems like the now ex boss of this segment chased revenue too hard at the expense of margins.
Warren - only time will tell of course, but I think you bought very well. I wish I had been as patient as you and waited to top up (I added at 16c and 12c). I'm wondering whether I'll buy another tranche but in this market there's a number of other oversold businesses and I've only got so much cash from Sep/Oct sales.
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