Ann: Chairman and CEO Presentation, page-2

The revenue and profit forecasts show no growth in monthly revenue this year compared with last, but the EBITDA margin jumps from 3.5% last year and 3.9% in FY17 1Q to 5.8% for the full year (6.4% for the last 3Q). It is a baseline forecast, but it suggests not much progress to date in adding contracts and the projected leap in the margin is puzzling. There were one off costs last year, but the jump compared with the first quarter of this year needs explanation. Clearly they need more contracts or acquisitions, particularly as they start paying tax this year.

The implied earnings on 183 million shares (after the share buy back, but ignoring the DRP) are 0.39 cps with no tax, or 0.28 cps with full tax. At the current share price of 3 cps that implies a PE of around 10 which seems generous until they deliver the higher margin and they can gain new contracts or acquisitions and so show earnings growth is deliverable.

Nothing on likely dividends, but the quantum probably depends on the terms of acquisitions (if any).