Rev + 27% but includes impact from Maintec acquisition - 11% organic growth

Underlying EBITDA (includes $11m in adjustments) was up 10%. Maintec contributed $3.2m so organic growth was negative. On a statutory basis EBITDA was down 23%

Operating cashflow in line with statutory EBITDA

Outlook: 1H guidance of $120-$140m Revs which includes $8m contribution from the acquisition. Presso says this is up 60% -- its actually an increase of 14% at the midpoint?! Unless I have missed something.

Historically the 1H was marginally stronger but was weaker in this result so tough to conclude on annualised numbers. Consensus has $285m for the full year +11%.

View: Smoke and mirrors- unsurprisingly David Singletons LTI is all related to the share price. Stock has done very well but come off the highs. Needs a catalyst to re-rate again and perhaps a quality result with no adjustments.