Ann: Hills FY16 Half Year Results, page-32

Yes, I agree.
What is not being said about the many suppliers moving away from Hills (in addition to Crestron which was announced) and other key long standing suppliers which have opened up to other distributors which will force down margins going forward. An investigation by the ASX would be prudent. Not to mention the asset write offs of $80m-100m or so from businesses recently bought and completely mis managed.
The other big concern is the stock. Revenue went down 28% for the half but stock has went down 7%. Lots of slow moving stock - a la Dick Smith! Is the slow moving stock provided for correctly?