You are being a little harsh on them because they have actually exceeded 10% pa compound NPAT growth but the change to AASB15 in FY19 meant their reported NPAT took a hit (FY18 NPAT was restated from $16.4m to $12.6m) and subsequent years of FY19 and FY20 grow off that lower base.
Reported NPAT growth each year since 2015 (ignoring the AASB15 change) is -5%, 17%, 13%, 14%, 13%.
A better way to gauge the compound growth is to look at the operating cash flow. It has grown from $10.9m to $19.4m, growth of 12% pa since 2015
FSA Price at posting:
$1.15 Sentiment: None Disclosure: Held
