Rod, I know Paul will make a far better assessment of these...

Rod, I know Paul will make a far better assessment of these results than I can, but there is one point which really stands out to me.

The underlying improvement was actually almost $4m better than the reported result. The sharp rise in the $A vs the $US - 33% in the past year - has served to hide the real extent of the turnaround. If we take out this exchange rate change, revenue is seen to rise by roughly 74% compared to the corresponding period last year. Since it is very unlikely that a similar exchange rate change will occur over the next year, a continuation of this trend would have a dramatic impact on profitability.

I suspect that Paul100 has got it right, and that, after a bit of digestion of the report, the market will view this result very favourably.