yes, revenue does look weak but EBITDA looks on track given Hostworks was barely profitable pre-synergies. I wonder if the growing high margin enablement channel has offset lower margin revenues in the other two. Just 40% of the direct channel is recurring so perhaps that's where some of the shortfall is aside from the $2m of unprofitable customers and $1.6m from the large indirect customer lost in July 2016 as disclosed in the HY report although you'd think this would have been built into the H2 forecast.
IAB Price at posting:
96.0¢ Sentiment: Hold Disclosure: Held
