Often its not a case of what is said but what is NOT said. So...

Often its not a case of what is said but what is NOT said.

So CLH make big of the fact that Collections Services revenue increased from $28m to $33.3m...GREAT!
But does it really matter if the EBIT from this division remained dead static at $4.96m apiece.
All this means is that we have had to peddle harder for the same result.
Sure, I noticed they made a few vague suggestions as to why, such as (a) extra sales staff to bring in new clients (b) greater costs of technology and training.

Then there is the fall in PDL revenue from $36.3m to $32.3m...boo...sad!
But wait a minute, drill into the segment results and you will find that the sun us shining!

Despite a falling top line the divisional EBIT increased by 8.94% from $12.12m to $13.31m! Not much mention as to EXACTLY why but I'd imagine its the technological improvements kicking in and the lower staff numbers have kept personnel costs down. I'd guess that the revenue per manhour/chickhour has increased. Why not state it. Afterall it is mentioned in the slides as a major KPI.

Final Comment: Their continued forecasts for FY17 suggest we are going to need a BIG second half. NPAT for 1H was $8.2m. They need between $11.2m and $11.8m in 2h to achieve their predictions. That's a stretch.