bgl guidance, page-4

Again I think you are being way too optimistic Axio. EBITDA margins are just not going to be there because of integration costs. I'd say low end $5m, high end $7m EBITDA for FY11. Also your NPAT assumes comparable margins to last year but higher D&A charges will take care of that, just as it did at the half year.

The company laid out the statement below at the half year which suggests to me, not to get too carried away with this years numbers, the big upside is coming in FY12.

"The focus of management for the second half of FY2011 is to fully integrate the recent acquisitions so that cost savings and network efficiences can be realised which will deliver significant uplift in FY2012"