Ann: Investor Presentation, page-7

A$35M guidance is for EBITDA, not NPAT (that would be nice!)

So this looks like a good result from a bottom line perspective....but that is just from improving margins and there is only so much you can improve margins.

What worries me is that if you do the maths (A$386.5M less A$200.1M) they only forecast A$186.5M revenue for 2HY21 despite COVID being largely behind us. We cannot expect that next year they'll drastically improve margins again meaning without top line growth the company will not grow.

The investor presentation doesn't address top line growth at all and I wonder if they have reached their organic growth limit and will need to rely solely on acquisitions for growth. I hope Declan addresses this in the call this morning because if they continue to grow revenue at 3% p.a. then this will trade at even lower multiples.

Given share markets are forward looking I am not sure what will happen today but my guess is down or stable...as a holder i'll be happy to be proven wrong!!