preliminary final report out, page-4

That forecast of 300% revenue growth is a bit of a puzzle, although not really. The acquisitions to date, including the one announced today, should deliver at least $45 million in annual turnover. If we add say $3 million for organic growth, that takes it to $48 million turnover for 2008/09. Thats much more than 300% growth, more like 400%....thats what I expect.

It looks like the directors have given themselves a wide safety margin.

PHG achieved EDITDA of $2.16 million or 17.7% to turnover in 2007/08. So they well overshot their target of 12%-15% EDITDA.

At that rate 2008/09 EDITDA will be approx $8.6 million. NPAT should come in at about $5 million. Thats assuming no more growth by acquisitions...which is unlikely.