I have read that knowwhat but comparing the half yearly with the...

I have read that knowwhat but comparing the half yearly with the full yearly they seem quite balanced.. im not sure if the batercard business balances it out but i wouldn't think to that extent if it were so heavily weighted.

As per the prospectus:
"Entertainment generates the majority of its revenue through the sale of memberships, which occurs between April -July. The membership year runs from 1 June to 31 May (revenue recognised over membership period)
Main expenses of BPS post completion of the acquisition include:
•Direct costs: commissions paid and production (printing) costs
•Employee expenses"

I think that printing costs and commission to non profits, would also be in 2nd half which is the same period that we see a majority of our membership revenue. Also, the move to digital will reduce the cost for printing substantially what helps with cash requirement, however, this is slightly balanced by the reduced revenue for the digital subscription.