Will go down hard after halt, page-18

Perhaps, but its still trading on what is 20x an optimistic level of earnings for FY17 so its not exactly cheap.

If this trading update yields a revision of revenue numbers particularly for the first half then managements credibility will be absolutely shot to pieces and an inbuilt level of scepticism will need to be built into forecasts going forward.

I also wouldn't be surprised to see a revision in revenue given that the current momentum is downwards and yet managements conservative estimate was to annualised the the first half result however don't forget that July started at a much higher base than January will start from meaning management have may have factored in some degree of optimism regarding their ability to turn the ship around in the second half of the year. One must also factor in the impact of operating leverage working against you due to declining revenues on the fixed cost base.

However disregarding all of the above the part that most bothers me is that management failed to fully understand the market they are operating in and brought this misfortune upon themselves.

Just my thoughts.