Decreasing expenses? Actually no - expenses actually rose from $12.198m to $$13.517m - $1.319m or 11% increase. The EEEIS charge of $2.925m last half year was well and truly a one-off*!
Revenue grew by $1.226m so it is simply untrue that revenue is growing faster than expenses! In fact, expenses continued to grow faster than sales.
Then there is the evergreen and relentless growth of receivables - sales grew by $1.226m and receivables grew by $1.6m! After writing off $647k this half year and $2.635m last financial year! History tells us what the growth and growth of receivables mean.
No need to analyse any further - the picture is actually very very very clear where PEB is heading.
* Amazing how often one-offs are used to justify set-backs but ignored when it is the reverse!