Ann: Notice of Annual General Meeting 2017, page-3

... and there it is. 25% down on EBITA forecast. With lower filing numbers this will be difficult to arrest.

“QANTM expects revenue and EBITDA to be higher in the second half” ... more like hopes. They need to increase filing numbers which means getting their clients to file more or finding more clients. Neither will be an easy prospect.

Cutting costs ie people often leads to lower levels of service where clients leave. The alternative is to increase charges to increase revenue which also can lead to client losses.

CEO has a tough job here with two downgrades in a short timeframe. Will be an interesting watch what unfolds.