Ann: Profit Guidance, page-12

James, your comment is fair but its more about what management have communicated to the market vs the actual story. If FY15 was a consolidation year with earnings down/flat then that should have been communicated, and not let expectations get out of hand. I recall reading comments (from some very well respected private investors) that EBITDA would be >$20m in FY15.

I think management let market expectations drift too far away from the reality of the situation.