It was a disappointment. When Simpson finished - and I presume...

It was a disappointment. When Simpson finished - and I presume they went to the questions from journos - they told us the teleconference was over and turned on the elevator music.

The one piece of useful info I got was that the $600M worth of work stated in the announcement was "the remaining" work to be delivered this financial year. I noted that the order book had shrunk from $1.8M to $1.5M also since the November announcement so I'm taking that as $300M delivered from November to now.

That looks to me like they'll have revenue close to last year's figure for FY 2014.

Not enough good news in that for me. I sold this morning at a substantial loss. Heartbreaking when you consider that two and half years ago I could have sold out for a 200% profit after holding for only 11 months. I held on because the fundamentals have always been so good, report after report.

Just goes to show how risk can "hide" in some business models without showing up on the financial statements.

Lesson learned, but the price of tuition was expensive.