Ann: Preliminary Profit Advice, page-5

As: 1. the announcement is "Preliminary profit advice for the Financial year ending 30 June 2017", and 2. the first para refers to pre-tax profit for the year, then I think the only logical interpretation is that the revenue guidance in para 2 must also relate to full financial years. (It would be really odd for it to refer to just the second half).


I have recorded revenues for the last 4 years of 5.300m (FY13), 5.357m (FY14), 5.300 (FY15), and 6.198m (FY16).
Worth remembering too that in FY16 they had an "increase in corporate activity during the latter half of the year [which] contributed significantly towards the increased revenue for the period".

I took that to mean there were one-off increases in FY16 revenue, which were not indicative of underlying revenues. So the FY17 YoY revenue comparison was always at risk of being an unflattering one, the question is now whether "revenues being comparable" means:
a. comparable to the headline or the underlying performance in fy16; or perhaps more likely given the reference in ASW's trading update to "comparable to previous periods" (ie, plural)
b. comparable too to the $5.3-$5.5m range recorded in FY13, FY14, FY15, rather than last year's $6.2m.

So it seems likely that (and in spite of a good first half), ASW is again struggling to grow revenues meaningfully. GLAH