Wow, not often you see a multibillion company drop 25% in a day!

For years this was one of those capital light businesses that just made it rain for a long time, but things really haven't been great for some time. Here's the company's net income since 2012:

This year wont be great either.

Another example of a great business that felt obliged to embark on some empire building and expand overseas and into new areas where, frankly, they didnt really have much competitive advantage.

Now we have a new leadership team and a strategy to refocus on the "core".

If you annualise the half year result (using normalised EPS), IRESS is on a PE of 28. Which, frankly, still seems up there given the challenges