good result and good cash flow performance. biggest negative for...

good result and good cash flow performance.

biggest negative for me was the amount of options issued. 2.9m options got exercised, yet the number of options on issue grew to 5.6m (from 4.5m, according to my records).
Put another way, the total ways the value of the company potentially has to be shared grew from 39.7m to 43.7m shares. Ie, roughly 10% dilution. the growth in NPAT only just exceeded the growth in fully diluted shares.

I didn't see anything in the release today about the exercise price of the options - that will improve the analysis somewhat