just doing the sums, page-4

Just to further illustrate this

If you note the difference in revenue between 2H12 and 2H13, from 22m to 30m, is around 8m. at 24% margin there should be approx. $1.9m difference in profit.

The loss before tax in 2H12 was (1.8m) and the in 2H13 (0.17m)

This reconfirms the margin. The Income tax benefits that make the profits look closer together are probably from R&D rebates etc. and are just extras. They shouldn't factor in your valuation, they're just an added bonus.

-SS