WOW Trouble in Paradise

I wasn't feeling confident with LGD before but after today's MD presentation I expect the SP to drop significantly.

WHY?

1. The board has appointed Gresham Advisory to conduct a strategic review
2. Profit is significantly down on prior year, yes one major customer is down but hey I would hate to have a business that could be impacted by this much by 1 customer. What's worse is that the acquisition they made in the second half of last year hasn't been able to offset the impact of the profit decline from 1 customer.
3. Redundancy of $500k was taken in the first half. That's a huge head count reduction so I assume the business is trying to right size. That would tell me that overall volumes are down materially. Also if you have just made a massive reduction in head count why would you then bring in a consultant to do a strategic review?

It will be interesting to see where this goes!