Ann: Capital Raising, Acquisition, Earnings Guidance Presentation, page-7

yeah revenue miss from that forecast - well spotted

on the plus side the ebitda margin was a nice increase from the first half

most importantly they seem to have pulled in 7-7.5m in free cashflow for the half (higher than NPAT) which is very good news as this has been one of the concerns for this stock

(ie they have gone from over $3m net debt to $2m net cash in the half after paying out $2.1m in divs)

once the churn is out of the way and now with more scope for insto's to get on board this will surely get to 10x earnings pretty quick (= around $1.10)