Given the increase in revenue (12%), NPAT (18%) and EPS (16%), I...

Given the increase in revenue (12%), NPAT (18%) and EPS (16%), I find the downbeat tone of the release quite puzzling - "we met our guidance, however, the business is still not at the level we expected". Why so negative?

As @Madtrader points out, there is a lot of useful information that is excluded, so it is not so clear what is going on. I do note though on page 60 that there were $14.5M of PDL sales in the year (up from $10M last year), plus the call option income, so that would certainly have shored up the result.