Revenue was up 62.7% in FY15 on the pcp, largely as a result of significantly improved rental income of $22m, up 58.6% on the pcp and slightly above our forecast rental income of $21.3m.

1H’16 revenue was $65m, down 4.8% on the pcp, primarily as a result of the decline in revenues from the Radio Communications division. Despite the decline in revenue, gross profit improved to 54.5% from 52.7% in the pcp. EBITDA and net profit also improved. EBITDA was up 7.3% to $14.7m and net profit was up 8.9% to $6.1m, year on year. EBITDA margins improved to 22.6% in 1H’16 from 20.1% in the pcp.

Since our Initiation of Coverage in February 2014, the company has made a number of advancements in the development of the product portfolio, particularly with respect to ArtiMistTM.

AKK has economic interests in four oil and gas projects in the USA, with net acreage of 15,135. The two key projects are the (i) Birch Eagle Ford Project, which is a 5,000 acre tenement located in Burleson County, Texas that has capacity for 64 wells; and (ii) Pathfinder Project, which is an 11,560 acre tenement

The Fund has posted a maiden profit for 2013 of $53.5M. The profit was significantly boosted by the weakening AUD. Profit prior to foreign currency adjustments was $8.2M, up from the 2012 loss of $1.5M. Investment property income was up 144.9%