DJ1 I find it very hard to believe that management could make a...

DJ1 I find it very hard to believe that management could make a stuff up this large - the Rob Wilde, the CFO and CEO are very competent and there is no way it would have gotten past all of them.

My best guess is that they left guidance to allow themselves some breathing space incase things slowed and didn't meet budget for the 2nd half. This would also allow them to easily beat the guidance EBIT for FY12 (given that the market is essentially saying they don't believe the company will meet their guidance and is taking a wait and see approach - which is reflected in the SP and low PE multiple). Also note as per CEO presentation at AGM at at end of 1st Quarter they were trading ahead of budget

5hareholder - my understanding of the PRP is quite clear that the max pool per year is $10.26M for FY13,14,15 if a NPAT of $15.5M is achieved. This excludes CEO who has a market cap based bonus. Also note the PRP starts in FY13 not FY12 so plenty of time for the SP to increase to ensure we don't get diluted down at the current low SP...

I'm expecting some decent numbers to be released on Monday but lets not forget H2 is going to be where the majority of the profit comes from. Hopefully there will be some comment on trading conditions but I don't expect a guidance update (other than that they are happy with previous guidance, even if they expect to exceed).