It was weaker than expected, and mostly the result of the top...

It was weaker than expected, and mostly the result of the top line shrinking.

That said, management don't do too well here in articulating why. They do make a statement that there was a significant piece of work last FY that wasn't in this half, so there is some acknowledgement of it...

The real problem for me from a LT perspective is the digital marketing business - still making a loss. Surely its time is now limited, and if they can't get it to profitability, they'll just sell it off at a loss... Otherwise its a waste of capital.

Other than that, its the same boring media company as before... Gets the thumbs up from me.