I didn't think the accounting was tricky for guidance, as they could have left it at the higher reported NPAT. It it went the other way I might think it was tricky. I do think that they should be guiding to an underlying PBT, and using that as a comparable, however as they have some accumulated losses NPAT guidance looks better for now.
H2 PBT was 28.5m, so guidance assuming a 15% tax rate to get a PBT of 43.7m seems conservative to me, at a long way south of $57m (2x H2), unless they received some Government monies for Covid support. I suspect they have set a low bar for the new CEO, as a parting gift. CEO and recent global COO might be good mates ;-)
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