You are correct, the latest financials doesn't tell the whole story.
"This outcome was recently supplemented by the grant of international master licenses in early 2H18 for the Donut King and Crust Brand Systems in the United Kingdom, and, in February 2018, Gloria Jean’s in Germany, bolstering growth prospects in Western European markets and complementing existing licensed territories which represent a future platform for establishment of a European hub."
"International operations are performing to expectations, with negotiations ongoing in respect of new International Master Licence sales of circa $5.0m in aggregate (pre-tax), which are expected to complete by 31 December 2017."
"1H18 statutory results will include one-off costs of c.$7.0m post tax, including costs associated with the businesswide review commenced June 2017 and losses on disposal of corporate properties recognized in the period."
"The review targets c.$10m in annualised operational savings, of which c.$4.8m has been realized to date, the full impact of which will be felt in FY19. Further efficiencies will be delivered in the 2H18."
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