2016-17 forecast

Now that they've cleared up the annual  report in a way that makes comparables easier, this is my forecast for 2016/17. Assumptions

1) Revenue grows at 20% Year on Year (note it was 39% for the June quarter so I think this is conservative)
2) GP margin stays at 22.5%
3) Various costs go up 5% during the year (admin, compliance, consultancy, occupancy, marketing)
4) Employment costs go up 10%
5) Finance costs go to 0 (they've stopped using the factoring facility)
6) Bad and Doubtful Debts halved to 600k
7) All options (13.7m) are issued and i've added the 7.5m B Class Performance rights to get to the 87m share figure

From this, we get a net profit before significants and tax of 2.6m (vs 0.89m for the year just gone). No more performance rights to expense. Just tax to pay of around 30% getting us to 1.8m NPAT or 2.1c EPS fully diluted. Tack on a big growth multiple and this can go big. They just need to keep performing as they have (the FA) and the chart will eventually turn around (the TA).

Bring on the September and December Quarterlies - the two strongest quarters of the year.

	Column 1	Column 2	Column 3	Column 4
0		FY15	FY16	FY17(f)
1	Revenue	11,849,518	32,123,476	38,548,171
2	COGS	9,890,720	24,895,438	29,874,526
3	Gross Profit	1,958,798	7,228,038	8,673,646
4	GP Margin	16.53%	22.50%	22.50%
5	Other Inc	151,555	359,585	359,585
6	Admin Costs	318,541	439,297	461,262
7	Compliance Costs	96,711	195,964	205,762
8	Employment Costs	2,566,885	3,906,105	4,296,716
9	Finance Costs	154,103	119,464
10	Consultancy Costs	27,151	325,271	341,535
11	Occupancy Costs	209,743	223,420	234,591
12	Marketing Costs	235,051	209,500	219,975
13	Bad and Doubtful Exp	250,431	1,204,260	600,000
14	FX Diff	25,671	35,072	35,072
15	Depreciation	25,997	36,841	36,841
16	Expenses	3,910,284	6,695,194	6,431,753
17	Net Profit b4 Signif and Tax	-1,799,931	892,429	2,601,478
18	NPAT	`	`	1,821,034
19	Shares	`	`	87,074,335
20	EPS	`	`	$0.021