On doing some quick analysis the underlying 2017 FY result appears to be disappointing when considering the 29% lift in revenue compared to 2016.
2017 FY 2017 1H 2016 FY
Millions
Revenue 230,009 118,406 178,007
Profit before Tax 11,552 7,293 9,231
Less: One off profits* 5,301 4,208 NIL
Underlying Profit before Tax 6,251 3,085 9,231
Profit/Revenue % 2.7% 2.6% 5.2%
*One off gains were from the sale of a building in the first half and also from a recoupment of deferred purchase consideration in 2H of 2017.
There was a comment in 1H result that additional funds were spent on international expansion, which may explain the drop in 1H profit%, but it doesn't seem to have improved in the second half of 2017.
Any thoughts?
Ann: SRG FY17 - Investor Presentation, page-2
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