Actually, I think you can argue this point. There are some strange things listed in the depths of the cashflow statement, in particular the "RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES" for FY2018.
1/ There is $1m in Property Plant and Equipment sales profit that has gone straight through to the net profit figures. That is not part of normal business operations for a start.
2/ There is a very large increase in 'deferred expenses', over $3m up on the previous year that should be scrutinised.
3/ $2.845m of 'Contingent Consideration', a non cash benefit, has appeared that requires further explanation (something to do with the Autosure insurance business?).
4/ An $0.820m gain in an investment property value looks to have bolstered the bottom line. That looks to me to be nothing to do with the core Turners Automotive business either. An equivalent figure of $0.500m was listed as an investment property increase back in FY2017. Yet if I look back in the equivalent statement in Note 30 of AR2017, no such property gain is mentioned.
I think Turners have a lot of explaining to do. And no doubt much of this will be explained when the full annual accounts, complete with all the notes are released. But based on the limited summary of results issued so far, it looks like much of that EPS gain could be explained with one offs that will not be repeated in subsequent years.
Perhaps on paper growth in EPS is around 15% year on year. But if I said the EPS growth over the last two year period is only 4% total (also true), that 'growth' sounds far less impressive.
SNOOPY
discl: holder, despite never having bought any 'on the market'!