Ann: Appendix 4D and Half Yearly Report & Accounts, page-9

It's a half year report hgw but I agree it's disappointing to see the great leap of 30 % stall, but it's mostly down to last December's quarterly reciepts.  Here's a list of all PAA's customers' reciepts going back to the second half of 2011.  It'll help give us get a feel of how PAA has been progressing:

2011
sep   635 (thousands)
dec   195

2012
mar   522 Fin Year Totals
jun 208 1 560 000
------------------------------
sep   624
dec   385

2013
mar   638
jun 228   1 875 000
------------------------------
sep 474
dec 216

2014
mar   997
jun 154    1 841 000
------------------------- -----
sep 706
dec 275

2015
mar 801
jun   507 2 289 000
------------------------------
sep 698
dec 355

2016
mar 993
jun 384 2 430 000
-----------------------------
sep   720
dec   549

2017
mar   1270
jun   453 2 992 000
-------------------------------
sep    777
dec   405

We can compare quarters within each financial year and  we can compere the same quarters down the years. Anyway, the outstanding thing is the volatitility in reciepts from quarter to quarter and it's clear from the above that you can't read too much into one quarter's results. Certainly, after the lack of growth in the first half of this financial year, I think a 25% growth target is realistically out of the question, although half of that isn't, provided PAA's next two quarters are stronger than last year's.  If one of the quarters isn't, then there's a good chance we'll see no growth as happened in  financial year 2013-2014.  Could be just a pot hole on the way but you can draw your own conclusions.   Cheers.