Ann: Appendix 4D and Half Year Financial Report - December 2017, page-6

A lot of transparency is missing. A loss before tax of $3.5m but no mention that this includes a $1.4m gain on disposal of the China business or a management fee that didn't exist last year of $690k - take these out and it's a $5.6m loss before tax. Sales have grown but the underlying profitability of the business hasn't changed from 2016.

The lack of detail around the disposal of the China business is staggering. This company is pure spin. They talk up anything remotely positive and gloss over anything negative.