2016 Guidance Affirmed, page-137

For me it is a case of margin pressure in Australia versus US growth.

The margins in Australia will really hurt, but I'm not sure that anyone has really done the maths on the US growth and margins yet. An improved performance from Oakey should see a more profitable year than 15/16 off the back of the US results.

It's going to be a transition year and then hopefully the market will wake up to the US potential/growth.