What's interesting here is looking at historical profit...

What's interesting here is looking at historical profit upgrades. Use the FY16 full year upgrade as an example:

"For FY2016, we expect revenue to increase by approximately 10-15% and Gross Profit by approximately 10-20% over the previous corresponding period, depending on the performance up to 30 June 2016."

Now look at the actual:

FY16 figures:
Revenue: +21.5% (From 15m to 18.28m)
Gross Profit: +22% (From 3.18m to 3.89m)



And again for the FY17 1H upgrade:

"For the first half of FY2017 ending 31/12/2016, we expect revenue to increase by approximately 10-20% and Gross Profit by approximately 10-20% over the previous corresponding period, depending on the performance of the remaining period up to 31 December 2016"

And the actuals:

FY17 1H figures:
Revenue: +34% (using sales revenue only) (From 8.146m to 10.99m)
Gross Profit: +20.8% (From: 1.58m to 1.91m)



I could keep going, - but my point is that when they upgrade, it always seems conservative...