Ann: Half Yearly Report and Accounts, page-8

travelightor,

I am aware of the nature of their business.

What I am talking about is the drop from 4.74mm$ in Dec half 2014 to 1.15mm$ in Jun half 2015, followed (according to their current outlook) by a drop from 4.72mm$ in Dec 2015 to (an implied estimate of) 1.17mm$ in Jun half 2016.

This heavy front-loading of earnings in the Dec half is a pattern that only appeared this noticeably in FY 2015 and seems to be carrying on into FY 2016.

But, while in their Aug 2015 half-year report they did go into some detail to explain why they underperformed in the Jun half, in this instance they are basically guiding the same without giving any reason.

Cheers