Ann: Trading & Acquisitions Update, page-4

Not a great announcement really however, good to get an update on where everything is at and eliminate any concerns that the proposed acquisitions wouldn't be completed.

Pretty much confirms what I said in a previous post. Expect statutory NPAT to be flat to negative for FY18 however, FY19 should add approx. 20% EPS growth.

The statutory figures are a little misleading as this assumes that the acquisitions were owned for the full year (Im assuming its the same as stated in the capital raising presentation, page 13). The pro-forma FY18 figures are essentially FY19 guidance. It should also be noted that this announcement has revised down FY18 pro-forma guidance slightly (Revenue down 1.2%, $222.6m to $220m ; EBITDA down 7%, $34.4m to $32m).

All in all, not much to add from my previous post in another thread. Potentially some short term pain as I expect statutory EPS to be flat to negative however, over the next 12-24m everything looks good.