While they have been borrowing to pay dividends over the past 12...

While they have been borrowing to pay dividends over the past 12 months, which is obviously unsustainable, there are some slime shards of hope in the details of this result (although not sufficient enough for the market to warm to right now... in fact, I was surprised the share price did not go down after the announcement of 29 June which foreshadowed this result).

They made a full-year loss, directionally there was a half-on-half improvement, with a 10% increase in JH2017 Revenue vs DH2016.

And EBITDA was just above break-even in JH2017, compare with a $630k EBITDA loss recorded in DH2016

Cigar butt investing for you: it's like crawling over broken glass at times.