2017, page-3

I get a similar revenue and gross profit figure, but I have a lower EBIT as I get about $35m overhead. Remember that 2H overhead is larger than 1H as bonuses are paid in 2H. I actually think the overhead could be even higher than my $35m given recent office openings and new hires in 2H - a $37-8m figure wouldn't at all surprise me. There's also the issue of what I think was a $5-6m capital raise fee paid to Mercury for establishing the US JV - if they expense the whole thing, that's another straight hit to EBIT.

Agree that the important updates are:

- Europe
- Further JV/fund raise activity
- Affirmation of $123m FY18 commitment target. I would probably think about exiting if this is materially revised down - combination of exploding overhead and difficulty in meeting commitment targets would indicate managerial incompetence in my mind.