The results are a little bit worse than the guidance released last week.
- Cash flow still negative. $17.2m second half outflow.
- NIHL resolution levels "remain lower" but not enough detail here to explain brass tacks.
- No FY17 guidance.
It's a mess. What an overpriced disastrous UK acquisition. Obviously management are hyper-sensitive to forthcoming CA so not saying too much.
Trading today will all come down to the call with analysts and the detailed Q&A, but the full report just released disappointing relative last week's expectations.
Still theres a positive, limit on downside here because not going out of business yet.
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