Ann: Forecast Dec 17, full year guidance and interim dividend, page-4

I thought that what is implied by the guidance is worthy of further contemplation, especially in terms of EBIT growth vs Revenue growth for the current half.

Revenue ($m) by Half-Years (and % change on pcp)
DH2016 = 47.7 (10%)
JH2017 = 49.9 (14%)
DH2017 = 54.1 (13%)
JH2018 = 55.9 (12%)  [Implied by guidance]

EBIT ($m) by Half-Years (and % change on pcp)
DH2016 = 4.4 (26%)
JH2017 = 5.5 (49%)
DH2017 = 5.6 (17%)
JH2018 = 5.2 (minus 4%... ?!?!) [Implied by guidance]

Reads to me like they are scurrying around like crazy to find enough hollow logs in which to squirrel away earnings.

That's what I like about this sort of conservative, multi-generational, family-run business: no accounting alchemy...

"When we incur additional costs to expand the business, none of this capitalisation smoke and mirrors for us; we just expense it all to the P&L right up front."

No liberties taken simply to make short-term profits look good.
Just good, old fashioned, cash accounting, and if the market doesn't like it.... well, so what?.