what the ?, page-16

Yeah I think you might have hit on the reason. That broker consensus is pretty high and doesn't look likely to be met now.

From what I can see, the figures are:

14.7c - Last year total EPS
5.2c - 1H last year EPS
9.5c - 2H last year EPS
forecast 20%+ revenue growth

Now they are forecasting 10-15% revenue growth which is in effect halved from the November update, and basically all of that growth is going to need to come in the second half since 1H EPS was 4.1c. If the ratio between 1H and 2H holds the same this year as last year they are looking at only 11.6c full year EPS.

But was IDL being valued with that in mind? If the market honestly was convinced they were going to grow revenue and earnings by in excess of 20%, the PE seems a bit low even at $1.25.

Seems to me the market was expecting an excellent result, and all they got was a good result.