Ann: FY17 Results Announcement, page-7

Haven't had a chance to read through the detail of the financials but at high level it was as expected for me.

FY18 numbers will look a lot better if they remain disciplined with expenses and debt reduction and continue their growth. I am hopeful we don't get to see 're-financing' or 'one off transaction costs' again next financial year.

Key takeaways for me were:
- 2HFY17 generated a NPBT $1.35M
- Margin improved to 52% in 2H from 49%
- Reduction in costs in FY18 expected which should flow to the bottom line ($1m int exp reduction, $1m amortization exp reduction & also the $1m re-financing (or similar) not reoccurring).
- cash flow will look a lot stronger next year (>$6.5m)

If 2HFY17 trajectory is maintained, without any assumption of further growth, the company should conceivably achieve $4.7m NPBT.

If management were to provide some guidance to that effect then that would go a long way to support some further SP appreciation.

Time will tell