The FY16 reporting season has passed. Most results passed without fanfare. We did, however, receive a few positive surprises and a few negative ones. Positive surprises included Motorcycle Holdings, Baby Bunting, iSentia and Sirtex Medical. We received a negative surprise from Gateway Lifestyle (GTY-AU). In particular, the company guided to 5% earnings growth in FY17 when the consensus of analysts’ expectations pre result was for 26% growth. The stock fell 17% the day the result was released. The analyst consensus for pretax earnings for FY17 has now been revised down from $57m to $48m. The Gateway share price a week or so later is still sitting at the lower level although it has not, so far, fallen further.