Ann: Guidance Update, page-12

To forecast Earnings as 9% of Revenue suggests that NWH has recovered well. About two years ago I used 4% to be conservative, and that was as a before-tax percentage.

I am uncertain what is meant by "earnings", because tax loss assets could impact what folk mean by earnings. The usual convention is to apply a 30% tax expense anyway to derive NPAT, and then treat the non-payment of tax by debiting the ATO, and crediting the tax-loss asset. This gets more complicated if a company understated the tax-loss assets initially. When the half-year accounts are published, all shall be revealed.