H1F15 Report, page-81

Bell Potter wouldn’t have any concrete numbers backing up their downgrade. They would have asked a series of questions such as , ‘are you happy with your revenue this half’, ‘how content are you with your cost control’ and MBE would reply with a series of high level responses.

It’s always going to come back with what kind of questions did BP ask, and how forthcoming or sincere were MBE with their answers.

I'm philosophically happy with a shrunken margin and an increase in revenue. A lot of those added costs would be fixed in line with increased infrastructure, personnel etc. That means they have good leverage to further increase in revenue.

If the company comes out and says they hit $13m but they expect ~$15m (just making a point) in 2H, then I would think the market would like it.

Again, I would really like to see Bell's assumptions if anyone can post a link.