Weaker second half than most were expecting - 1H12 NPAT was...

Weaker second half than most were expecting - 1H12 NPAT was $3.414m so total FY12 NPAT of $6.175m implies second half NPAT of $2.76m.

Revenue was better in 2H ($19.2m) than 1H ($17.4m) so i see it as a transitory thing, mainly to do with them booking higher property & D&A expenses ($2m in second half vs. $1.5m in first half) as a result of new practices acquired. They are building scale into the business which will see revenue growth outstrip expense growth in future periods.

I will become interested in buying again should it get down to $5.50ish.