The deeper you peer into Transpacific’s full year result, the worse it gets. Revenue fell 27% to $1.4bn but, with the business shedding assets over the year, that was no great surprise. The EBITDA line starts to look bad, with a 40% fall to $230m, and net profit is worse again, down 55% to $98m – and that's without counting about $100m in writeoffs and one-off costs.
The Cleanaway business, which generates the bulk of revenue and profit, likewise didn’t appear too bad superficially. Revenue rose 1.6% and operating profits were steady at $99m. Yet the aggregate numbers hid worrying trends.