The return to profitability in H2 and for the year as a whole is encouraging, albeit activity levels have been lower than our expectations. We have reduced FY16 PBT from $2.0m to $0.3m but would note that the balance sheet remains very strong with net cash of c.$4.5m expected at the year end. We await more details of the outlook for the new product ranges and for FY17 in general with the final results in early 2017.
