Before you get too excited about their "improved performance", rather than taking the results on face value try and reconcile them with previously advised 2012/2013 results.
Management have based their "improved performance" claims on adjusted 2012/2013 results. For example, their 2012/2013 previously announced EBIT was $27.2mio - for 2013/2014 comparison purposes they have used a number of $25.2mio. Same applies to all other numbers, viz improvement is only due to restating (lower) 2012/2013 results.
I have said before that the MCP spin-doctors seem to go out of their way to make their results as hard as possible to understand/reconcile and this year is no different.
Regardless, all of the key financial ratio's continue to slide, eg NPAT/sales has fallen some 40% in the last 2 years.
MCP Price at posting:
$1.32 Sentiment: Hold Disclosure: Held
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