It was a very ordinary result. The 15% growth in income was okay...

It was a very ordinary result.

The 15% growth in income was okay but expenses would seem to be the key issue here with a 30.2% increase being approximately $10.3m. Of this $2.3m is attributable to the PennyTel initiative and some legals and financials related to the small capital raising of just $18m in the first half.

What is confounding me is that there seems to be no bottom line benefit due to increased volumes in the business. I listened to the conference call this afternoon and the CEO was very upbeat despite the underwhelming result.

I think investors will need a lot of reassurance that this is a one off blip in the MNF EPS growth story.