Ann: 2017 Full Year Results Announcement and Appendix 4E, page-2

Very rushed first take on FY6/17 results
# EPS 13.4 cents vs. 12.7 cents in pcp; a slight improvement but below consensus forecast of 13.6 cents.
Final DPS of 5 cents, so DPS for the full-yr is 10 cents (vs. 9.75 cents in pcp), but short of consensus forecast of 10.9 cents
# Cash flow looks good (there was virtually no capital spend during the period), so too the underlying EBITDA number (+20% yoy), achieved mainly via lower personnel costs, it seems.
# Worryingly, revenue has fallen sharply. Presentation states: "Decline in revenue due to a number of factors including a decline in contractor numbers (mainly as a result of a decrease in demand from a large IT&C client) ". Doesn't sound all that good, though company appears to be peddling the line that profits are holding up because they'yre carefully matching personnel numbers to meet demand.

**Overall, not sure how the market will take to this one – only slight increase in DPS, profits up but revenue down sharply...share price might come off a bit..
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