"You need to recognise they were not paying company tax in...

"You need to recognise they were not paying company tax in history, but will be from now on" Yes, I agree, so NPAT will increase a lot slower than EBIT for a while. I prefer to concentrate on the underlying business growth so while this is happening, EBIT is a better indicator for investors than NPAT.

"In addition I would not deduct performance rights to calculate underlying earnings. The are 12.5 million units outstanding so this will be a regular deduction. They earn them, but in my view it is an ongoing cost of running the business." Yes, I agree with this as well. I also prefer not to ignore performance rights, which are ongoing while the business is doing so well. They can be very lumpy though and a bit of averaging is worth considering.

If investors look through the increasing tax rate as I mentioned above, and I am sure many will, then the share price should respond to any significant increase in EBITDA and EBIT. This looks like it will happen if guidance is fulfilled.

Steve must have been basing his comment about improving debtors on the new financial year so far. This does sound positive to me.

As I have said before, Acrow is now a very much higher quality business than it was 3 years ago, and a higher P/E should be awarded by the market for this. One of Acrow's key strengths is its ability to reinvest more than half of its profits (plus some additional debt at times) with returns of over 30%. Companies that can do this year after year compound rapidly, as Acrow is doing. Proof of this is that Acrow's market cap has gone up almost 6 times in around 3 years. I don't think we should be overly worried about finally paying tax at around 30%.