rfl, page-9

The business may still be executing to plan, but it is certainly not as profitable as the market thought it was going to be (ie the huge broker downgrades that have followed the result)

Also it's funny how people are falling for this spin from Management that there was a change in accounting policies re expensing R&D.
Fact: in FY13 62% of R&D was expensed; in FY14 65% of R&D was expensed - no material change.

the only change was that in FY13 EBITDA was reported after expensing R&D; in FY14 EBITDA was reported before expensing R&D, so RFL could claim, on some obscure basis, that they hit their guidance.

Management can spin the results, people can blame conference calls etc, but at the end of the days you can only go by the numbers, and the numbers at the moment are not that impressive.