Ann: Appendix 4D and Half Year Report, page-23

not sure it is a poor trading result. Market announcement earlier in Feb stated that there were going to be restructuring costs incurred in this half that pave the way for lower operating costs going forward - starting this year - a rightsizing of admin expenses from the first merger with quantum .

also the increased debt costs were also known as they are in an investing phase with the new production lab.

my take is a flat result. No great improvement in sales and not yet seeing the benefits of lower operating costs. Expectations met but not exceeded.