onwards and upwards?, page-25

I haven't been through the details, so I don't know if that's a fair assessment. At first glance it looks reasonable. Certainly parts of the business do look a bit sluggish. Two things caught my eye : PSD July performance in line with expectations (rebranded S&G Solutions - good thinking), and EBITDA f/c up from 102m in FY15 to 205m in FY16. [Actually given as EBITDAW where W is mvt in WIP]. There's exch rate risk etc in there, but EBITDA up ~100% is a pretty handy looking f/c. I'm happy that this is a good solid step towards a re-rating. Next is the ASIC report.