On doing some quick analysis the underlying 2017 FY result...

On doing some quick analysis the underlying 2017 FY result appears to be disappointing when considering the 29% lift in revenue compared to 2016.

2017 FY   2017 1H 2016 FY
Millions
Revenue 230,009 118,406 178,007

Profit before Tax   11,552 7,293    9,231

Less: One off profits* 5,301 4,208   NIL

Underlying Profit before Tax 6,251    3,085    9,231
Profit/Revenue % 2.7% 2.6% 5.2%

*One off gains were from the sale of a building in the first half and also from a recoupment of deferred purchase consideration in 2H of 2017.

There was a comment in 1H result that additional funds were spent on international expansion, which may explain the drop in 1H profit%, but it doesn't seem to have improved in the second half of 2017.
Any thoughts?