Here is a summary of their numbers for the past three years...

Here is a summary of their numbers for the past three years reported half yearly.

		1HY16	1HY17	1HY18	1HY19	1HY20	1HY21	Ave
1	Revenues	475	458	440	403	385	357
2	% growth		-3.6	-3.9	-8.4	-4.5	-7.3	-5.5
3	Opex	-295	-308	-286	-275	-295	-243
4	% growth		4.4	-7.1	-3.8	7.3	-17.6	-3.4
5	EBITDA	181	150	153.5	128.3	89.7	116
6	% growth		-17.1	2.3	-16.4	-30.1	29.3	-6.4
7	D&A	-49.1	-52.2	-51.2	-47.3	-61.3	-55
8	EBIT	131.7	97.6	102.3	81	28.4	61.2
9	Interest	-10.3	-9.3	-9.6	-6.5	-8.8	-4.7
10	PBT	121.4	88.3	92.7	74.5	19.6	56.5
11	Tax	-34	-29	-26	-20.9	-7.7	-16.9
12	NPAT	87.3	59.5	66.7	53.6	11.9	39.6
13	% growth		-31.8	12.1	-19.6	-77.8	232.8	23.1

The fall in revenues is still above average for the period and the faster fall in opex is saving the day. EBITDA growth has just started. So it is understandable if a lot of people are sceptical still.