CLX’s FY19 PBT of $4.1m (FY18 $6.1m) reflects ongoing WA weakness pressuring margins in both the Transport and Logistics segments. The Company has been focused on costs and efficiencies during this period, with the centralisation and consolidation of operations and properties positioning the business for a turnaround. We expect impetus from a WA recovery to become evident next calendar year. We maintain a BUY call on a medium term view of CLX’s prospects and a $1.00 valuation (prior $1.06).
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