Ann: FY16 Results Ahead of Guidance - Revenue and EBITDA up-MBE.AX, page-88

Yes Poker the last time Thoroey revealed their underlying EBITDA, there was a $4.1 mil one off OS expense which sent the SP flying. Obviously there is a similar one off figure in these numbers IMO which would be north of $4 mil which means their unsettling EBITDA was $13.5 mil plus.

Once these partnerships are cenented and DCB set up, MBE will then increase their margins to 20% plus IMO as these one off costs will not be required.

Thorpey should have revealed what this underlying profit was so the SP could reflect this reality.

This is why the significant upside surprise is coming, coupled with their rapid expansion in regions, products and services IMO.