Ann: Appendix 4D & Half Year Financial Report, page-2

All going as expected, more or less.

Management have failed to outline exact one-off costs, and also failed to outline the DataMorph contribution (as a result of tax breaks).

Taking a very rough approach and exclude some one-offs, I calculate an NPAT of 700k. Adding in the tax paid, it becomes 850k - on par with the 1.6m made last year. And none of this includes the Arte Mobile acquisition.

It's a fair bet though that the market does not go into so much detail, so it'll see the bottom line loss and assume the company is a basket case. Share price may catch up in a year or so - happy to hold till then.