Revenue dropped. PBT dropped. PAT dropped. But;........ 1) When...

Revenue dropped.
PBT dropped.
PAT dropped.

But;........

1) When adjusted for the impact of the writeback in the inventory loss provision of $1.1 million before tax (FY2017: $5.1 million), the underlying PBT and PAT declined by a lot less.

2) The FY18 result excludes a positive PBT contribution of approximately $6.1 million. Had the revenue and profit from this stage been recognised, the result would have been in line with the FY17 result of $51 million PBT.

3) Late booking : The Lyndarum North project, at 30 June 2018, there were 396 contracts on hand for this project which have not been realised as FY18 revenue or profit. Settlements on these lots are due to commence in the first half of FY2019 with approximately 361 lots of the pre-sales due to settle in FY19 (AVJ share is 49%).

In the Outlook Section, there are no numbers provided, merely descriptions,...