Ann: Trading Update, page-4

$26m tax losses to offset against future gains.

~70 brands down to 12, 55% drop in inventory holdings from the peak, significant costs pulled out since the CEO came in less than 12 months ago. Cost base now looks under control.

$1.8m PBT in H1 despite falling AUD. Market cap just $15m.

Provided this result is not a huge one off (which I don't believe it is, though as mentioned above I don't think 2H will beat it) I think 40c is fair if not a little conservative.