Ann: Trading update and payment date deferred interim dividend, page-2

Another one of those companies whose share price got savaged by the 2020 Caronavirus sell-down, but whose business performance has barely skipped a beat.

They reckon this year's Revenue will be $135m

This means that half-year Revenue for the preceding 4 half-years to June 2020 was as follows
(change on pcp in brackets):

DH2018:  $60.0m  (+11%)
JH2019:  $63.9m  (+10%)
DH2019:  $68.0m  (+13%)
JH2020: $67.0m (+5%)

So, that means Revenue growth in the current half will be +5%, which is quite a feat given they are cycling a strong previous corresponding period, not to mention the not-so-small matter of the shut down of the Australian economy over the past two months.

Profit for FY2020 of is expected to be $9.2m (on a pre-AASB16 basis, which is relevant for like-for-like comparisons with FY2019 which was also pre AASB16), which will be be a 6% increase.

Objectively, that reflects a very high degree of business model resilience, given the inordinately poor macroeconomic backdrop.

Any business can perform well when the conditions are favourable.
But that the true quality of a business is only known once its performance has been observed during really bad times.

On that score, the company is of even higher quality than I had thought during the years that I've owned it.  While I never sold any shares, unfortunately I did not add to my shareholding when the stock got sold off in recent weeks, because I was unsure of how it would perform operationally and financially.

That's a lesson learnt.
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