Ann: Major Project Upgrade, page-14

Extra revenue is not being booked next year as far as we know. The original company guidance was $21-23m this year and $40m next year for a total of $61-63m over 2 years. The company now has $15-17m this year and has not changed next year. So it has $55-57m over 2 years as far as we know. Newing has $17.5m this year and $38 m next year for a two year total of $55.5m. So over 2 years we are down around 10% on the earlier forecasts. Missing this year's forecast increases the risks around next year's forecast. The trend is still up, we just have less certainty about the rate of growth.

On Newing's forecasts we are on a PE of 64 this year and 17 for next year. Pretty rich until we get more certainty about revenue growth rates.