Before you get too excited about their "improved performance",...

Before you get too excited about their "improved performance", rather than taking the results on face value try and reconcile them with previously advised 2012/2013 results.

Management have based their "improved performance" claims on adjusted 2012/2013 results. For example, their 2012/2013 previously announced EBIT was $27.2mio - for 2013/2014 comparison purposes they have used a number of $25.2mio. Same applies to all other numbers, viz improvement is only due to restating (lower) 2012/2013 results.

I have said before that the MCP spin-doctors seem to go out of their way to make their results as hard as possible to understand/reconcile and this year is no different.

Regardless, all of the key financial ratio's continue to slide, eg NPAT/sales has fallen some 40% in the last 2 years.