Company news: ALS
ALS announced it is writing down the value of its intangible oil and gas assets to zero. It also announced it is expecting make a small profit from this division for FY-17. We consider this to be a good outcome in the current very difficult operating conditions in the sector, and it reflects management's efforts to appropriately downsize. Additionally, the company confirmed it has applied part of the proceeds from the recent equity raising to reduce debt (with the remainder set aside for acquisition opportunities in the food testing area).