Ann: Managing Directors Presentation to AGM, page-4

I thought the tone was bullish, compared to the prior release which was steady outcome despite lots of underlying progress.
I specifically liked that FY14 result only included an amortised portion of the R&D rebate, where before I imagined that profit was distorted by the refund.
Saving of interest expense I'm picking is about $80k/yr.
Plus more R&D refund for this year
Plus FX benefit
Plus new OEM business

All in all, I believe it is a strongly growing business priced as though it is still a dog.