I think this announcement might have disappointed people who thought the company could have some meaningful growth. The 4% increase in revenue I suspect is largely from currency movement (althought the management mentions euro offset dollar, AUD depreciates much more against USD than it appreciates against EURO. But I could be wrong). I would say it is fairly valued now for a small company in a very competitive market segment with no obvious short term growth catalyst.
Plus as many pointed out, the wildly fluctuated effective tax rate (mainly due to R&D concessions) makes comparing NPAT really difficult and might have spooked some impatient investors.
Having said that, if you have a strong conviction that AUD might go much lower, this can offer some value.
Ann: June 2015 Trading Update, page-15
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