Not sure that management are as bad as outlined here by others., page-27

Yes, you are missing the fact that NPAT for FY14 for 'continuing operations' was $18.4m, so the $22 to $24m forecast represents some growth.

Notwithstanding that, I sold my HIL shortly after reading the outlook statement, and not being very impressed. Given most of the major HIL acquisitions did not contribute for a full year in FY14, and there have been further acquisitions in FY15, $22 to $24m is pretty uninspiring.

Reading between the line, HIL have acknowledged as such, and are now focussing on finding much larger acquisitions to drive growth.

Falling AUD is also going to impact HIL.