I would have to agree, the results are pretty disappointing. It...

I would have to agree, the results are pretty disappointing.

It is interesting that they chose a NPBT comparison rather than NPAT - looks like this is because there was actually a tax benefit last year...so we'll actually see a much lower NPAT this year.

With NPBT of 8.1m, you would expect NPAT of about $5.6m, which leaves us sitting on a P/E of 8...still not too bad, but this will be volatile.

The margins actually appear to be much worse in the second half. In the first half, we had the announcement suggesting revenues of $190m and EBITDA of $8.8m - i.e margins of 4.6%.

As per the latest release, for the FY, we have revenue of $400m (i.e. second half $210m), and EBITDA of $16.3m (i.e. second half of 7.5m)...which leaves margins of 3.6%. Why are margins falling so much?!?!?

All in all, still a cheap stock, but the second half suggests worsening performance to me.