Why Vocus will not bounce, page-64

Arnhem Investment Management partner Theo Maas said the majority of the miss was a poorer than expected number from Nextgen, which the market had forecast would contribute $60 million to EBITDA, but Vocus came out with guidance of $41 million.

"Between due diligence and closing the deal, that business has really deteriorated," Mr Maas said.

However, Mr Maas said he wasn't worried.

"My view has always been they bought this business as a piece of infrastructure ... if they can get that up and running pretty quickly most of that will be used on their own customers...that will be a relief to the market," he said.