Not sure that a trading update was necessary. JHC's revenue and...

Not sure that a trading update was necessary. JHC's revenue and dividend were close to consensus. And although EBITDA and NPAT were below consensus, their shortfall wasn't by much and were identified as one-time adjustments (lower gov't payments) or indirect costs of capital growth (see table below).

JHC has flagged brownfield and greenfield development for some time, so not need to report those costs outside reporting season.

RADs as Liabilities
JHC's share price suffered from the media debate about about how RADs are accounted. Estia and Regis were mainly criticized, because they treat RADs as cash flow, rather than as liabilities. See link where this issue is nicely outlined:
http://findthemoat.com/2016/05/17/aged-care-sector-leverage/

JHC treats RADs as liabilities (see JHC FY16 report, particularly pp. 36, 51, 54, 55), yet the market still throws JHC in with those who are criticized. In fact, JHC goes to some length discussing how RADs are applied and managed as liabilities, but used to fund construction.

Overall, strategic short selling of JHC (and too many other ASX stocks!), NOT JHC's financials, are at work here. I said the same in Jan 2015 when JHC reported a past (pre-IPO) payroll error. Short sellers operated like hyenas and the stock slumped to $2 and below. Market distortion is an understatement on the ASX.