DDR 0.39% $10.26 dicker data limited

Klogg, I am not sure if I am following. PBT guidance for FY15...

  1. 17 Posts.
    Klogg, I am not sure if I am following.

    PBT guidance for FY15 (July14-June15) was 30m, excluding one-off integration costs (08/07/14 update, page1).

    Underlying PBT for this half (July14-Dec14) was reported at only 10m. That is excluding all non-recurring costs (which ended up being 7.6m for this half, instead of 3.5m guided for the entire year July14-June15, see 20/11/2014 chairman's letter, page 9).

    So, what I am seeing here is both acquisition cost blowouts and deterioration in the underlying EBIT margin (from3.1% in FY14 to 2.78% in this half).
 
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