In terms of what the update means for the company/shareholders,...

In terms of what the update means for the company/shareholders, the last revenue- 2013- was this (from the annual results):

"Revenue increased by 22% to $145.1 million (2012: $118.8 million)"

Then the update:

"... the company advises that it expects revenue for the six months in H1/14 to be in the range of $35 to $37 million. (pcp $73.8 million). Revenue for H2/14 will also be reduced compared to H2/13, but current expectations are that the decrease will not be as marked as expected for H1/14."
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So, let's say $75m revenue for FY214- as it is, but new contracts may occur. 50% less than 2013.

DSB has been on a few radars, I suspect, from its float days. Highly acquisitive on capex- paid for with debt, but done in the growth days. The debt was always a worry, but now, the company deleverages, which is a good thing. DSB is a real minnow, and it had some problems withthe WHC longwall, which probably limited it somewhat. Still, a good result for this year, but problematic- unless things improve-for 2014.

Still on the radar for the low market cap, but the PE/r and other metrics, will probably "right size" it to make it about average for next year. Claude, I am not sure it is undervalued- a 50% drop in revenue is really tough. It was 42.5c when the ANN came in on revenue drop, and it is still 35.5c now. Maybe a bigger fish will decide DSB is value proposition for when things get better in the mining services space. I recall making a post years ago with a link to an article of DSB getting interest in its assets. Those were better/bullish days, though.