The result was indeed very good but the full-year guidance will have raised some eyebrows.
Because, while the first half result was very strong (Profit Before Tax up 44% on pcp), the guidance for full-year PBT of ~$96m (the mid-point between $94.3m to $98.6m) implies a flat to slightly down second-half result on pcp:
So what I suspect happened today is that the market initially saw the result and was impressed by it, but then after it had chance to digest the full outlook commentary - and specifically its implications for a soggy second-half PBT - the market's enthusiasm became more muted.
Of course, given the momentum in the business what I think is happening here is the classic case of under-promising with a view to over-deliver when the full-year results are announced.
So I would not be in the least surprised if the full-year PBT came in meaningfully higher than $96m, probably closer to $100m, I suspect.
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TNE Price at posting:
$9.15 Sentiment: None Disclosure: Not Held
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