Ann: Appendix 4D and Half Yearly Accounts, page-2

I need to do more detailed reading. But I can quickly consider since It is good I 'guessed' what the numbers would be (and I published here), so I can compare HoffGuess with reality. Some first points on my reading of this report....

- I got the revenue OK ($29 mill), but I got the mix wrong; I was $1.5 mill OVER on MOM and $2 mill UNDER on BOO; hence the operating margin is now up to over 50%, because the mix is much more BOO (which is between 65% and 70% margin)

- so because I got the mix wrong, and BOO is much more profitable, you see the EBITDA is up 74% !!!!!!!!!!!!!!!!!! (not my projected 35% to 40%)

- the profit though is only 2.3 cents a share, but that is better then I thought; the depreciation and amatorisation was bit higher (.5 to 1 mill) than I thought, and there is some strange 'loss on disposal of BOO' of almost $600k; I will ask Peter what that is; that should be an odd, one off - I have no idea what that is; BOO should just depreciate, not be disposed of at huge losses

- I note the wages and admin expenses fell, even though revenue and EBITDA was way up

- I note the FIIG loan is down to $30 mill (so they paid a swag from the original $40 mill... that excites me)

I think the report is really, really solid. If anyone see negatives I missed, please let me know.