Ann: Release re FY17 Half Year Results, page-42

in regards to previous outlook guidance , I agree Mr Gladstone has not delivered... numerous times he has reported that the A600 "should/expected" improve their  domestic market performance

However this  time round I noted the outlook has taken a different tone...

• a number has been provided... at least  PBT $AUS56m...
• "Line of Sight" stronger ...meaning they have been given firm order guidance for the period from customers and or have orders already
• Domestic market to remain competitive (slightly below PCP)... no longer providing upbeat guidance
• Confident outlook .... Europe mentioned (Novamatic 1000 machine order)

I reviewed previous outlooks and where numbers were provided they got really close or bang on... The commentary on the current outlook is allot more confident as well

A PBT of $56m would have to mean 2H PBT of  $41m that is a strong half in terms of AGI history.

International rev to represent 75% of revenue...

taking domestic rev to come in at 75m FY17  (34m 2H) = 25%   This equates to FY17 rev of 300m and 2H rev of  180m both representing the highest amounts achieved in their history...

I cannot take a negative view on AGI based on the above.... Investors must not forget this is a company that makes a quality product and has had  periods of achieving high growth... yes they have  gone backward in domestic market due to game popularity however this can be easily reversed... In the mean time international market will provide significant growth...