The PAS Group Limited provided earnings guidance for the first half and second half of fiscal year 2015. For the period, the company expects sales of AUD 118.7 million, EBITDA of AUD 8.6 million and NPAT of AUD 3.3 million. The main drivers of the first half performance were: The accelerated reduction of sales in target house branded product, as previously outlined, which resulted in wholesale revenues in the first half being below expectations. Concession sales of the review and Metalicus brands have been below expectations as department stores have continued to experience weak trading conditions. The Metalicus recovery has been slower than expected. While the new store rollout for Black Pepper is progressing according to plan (and new stores are trading profitably), sales have been lower than expected due to the subdued trading environment.

As previously indicated, it is expected that the result for fiscal year 2015 will be significantly weighted towards the second half in the wholesale business as the sales shortfall from target is expected to be recovered through revenues from newly acquired brand licenses, albeit at reduced margins. Despite the anticipated stronger second half performance, particularly from Designworks and an improved performance in Metalicus, at this early stage it is anticipated that fiscal year 2015 EBITDA will be between 10% and 15% below the forecast set out in the company's listing prospectus. The company will continue to keep the market updated as to its current trading performance and expectations in accordance with its continuous disclosure obligations.