I'm not sure if this is the best thread for this but given this...

I'm not sure if this is the best thread for this but given this is the latest one with comments I guess it's as good as any.

From the announcement "Presentation - Acquisition of Cassons & Capital Raising" 04/10/2017 https://hotcopper.com.au/threads/ann-presentation-acquisition-of-cassons-and-capital-raising.3731262/ Page 20 Cassons Pro Forma Revenue is $76.5m and NPAT is $11.4m = after-tax profit margin 14.9%.

From the latest annual report 29/08/2018 https://hotcopper.com.au/threads/ann-annual-report-to-shareholders.4396982/ Page 59 reads in-part "In the eight months to 30 June 2018, Cassons contributed revenue of $60,518,000 and net profit after tax of $6,971,000." = after-tax profit margin 11.5% which is 22.8% lower than the 14.9% number in the first announcement above.

Looking at cash flow from operating activities 2018 = $1.582m vs 2017's $8.46m = 81% decline.

Paid a dividend of $6.24m in 2018 vs 2017's $2.846m = 219% increase and left them with 45% less cash and of course they also now have the interest expense on the debt from Cassons acquisition to deal with. Shouldn't have paid a dividend at all and paid down debt instead.

All this with a bad macro economic environment in Australia and it just seems bad how opaque finances are disclosed to the public before these acquisitions.