large drop, page-4

Tan, regarding "Still nervous though about "lumpy" half to half comparisions and the ability of Mr Market to punish the stock for "revenue (timing) deferrals".

Apart from an increase in sales rev etc, IRI says that the 1st half, 67% increase in NPAT was in part due to favourable currency exchange, particularly the US$ (net of hedging). Well the A$ averaged US88c, first half which caused this high NPAT rise. This half, according to my calculations, the A$ has fallen to an av. of US78c, which should mean an increase in NPAT about $1m or so after currency hedging, extrapolating from 1st half, without taking into account, increased sales IRI expects.

Also from Wed we take control of IQ Servives which is expected to have "significant growth opportunities and be EPS accretive".

To me things appear to be favourable for IRI ATM.

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