FY19 numbers are disappointing when compared to last years FY18 AGM guidance ie pre Pennytel
Back then $28.5m of EBITDA was forecast to deliver $15m NPAT. Now you have to look out to 2020 and the benefits of the IAB purchase before they get back to that $15m expectation. More costs below the EBITDA line tell me the business is becoming more capital intensive
Ann: Earnings Guidance and Investor Presentation, page-9
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