Ann: Market Update, page-4

I must admit, the variability in guidance has given me cause for concern in the past. Looking back since 2013 (when they started to impress) I count 12 market updates, of which 4 have been disappointing. The half year updates for the last two years (just prior to the AGM in November) were both shockers. However, within a month of these they have gone on to revise guidance up substantially. This recent guidance for NPAT 2-years away is new for them and may be partly motivated by a desire to improve investor visibility on earnings, but also may be in response to M&A moves and funds shying away from them.