Ann: Trading Update, page-6

2H is generally weaker than 1H with the typical retail cycle, but unless there is a one off in this result that we are yet to see then the 2H result shouldn't be dramatically weaker.

$1.8m PBT in 1H due to a stronger Nov/Dec when original guidance was ~$1.3m. Keen to see the H1 numbers but PBT for the full year of ~$2.8-$3m should be achievable. As mentioned above, $26m tax losses, but if we normalise for 30% tax then we are looking at normalised NPAT of $1.96m-$2.1m.

Normalised PE of 12-15 gives it a target range of 42c - 56c.