Ann: Praemium reports record half-year profit, page-11

BP update from yesterday

"Earnings revisions Following the 1H17 result we have downgraded our underlying Cash EPS by -16.2%, -8.4% and -4.0% for FY17, FY18 and FY19 respectively. The earnings revision is primarily driven by a purposeful step up in the cost base to support extra sales and other support staff to accelerate the growth in the business. The downgrade is partially offset by the higher growth rates we’ve included in our estimates. Following the earnings revision, our revised Price Target is $0.75 per share (previously $0.77 per share). Our Buy recommendation remains unchanged."