H1 revenue was only up 14% (pro forma) on pcp. FY17 guidance in 17%-25% range on pro forma basis.
Q3 result solid but not great. Think they are headed for the lower end of guidance if anything...
Either way they'll chip into a fair bit of that 34m due to depreciation & amortization costs which will be significant.
The next 18 months are going to tell the tale here...atm CAT are spending aggressively on products that aren't yet generating significant income.
Spending on new prosumer and tactical products have been significant, we can't really assess whether this is the right decision or not until the products hit the market and we see how much growth they provide the business.
Management keep harping on about 'a time of transformation' for CAT, heard it in FY17 & again in FY18.
FY19 = time to deliver
Ann: Appendix 4C - quarterly, page-10
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