James, your comment is fair but its more about what management...

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.