Smith has previously said Lonely Planet has a "solid underlying performance" while refusing to comment on whether after five years of ownership it is profitable.
The share price fell further when markets opened on Friday morning, with analysts unconvinced by the results, arguing that the headline figures disguised a weaker underlying performance.
Composite scores are an aggregation of underlying performance indicators into a single index and have been used widely in the public sector to create one more easily understood number or rating [ 38, 39].
This is also an economy whose underlying performance, measured by investment and productivity, falls short of what the government likes to pretend.
Nick Batram at Peel Hunt said: The fourth quarter was a solid update and reflected a continued impressive underlying performance from online sportsbook.
These do a somewhat better job, since they measure profit in a way that, ideally, is more closely tied to a company's underlying performance.
Their interpretation is, at first sight, also straightforward: the observed SMR for a provider whose underlying performance matches the 'target' will fall outside the control limits with a known (nominal) probability.
Horta-Osório said these issues should not have an impact on the underlying performance, by which measure profits rose 32%too £3.9bn.
In the latest quarter, analysts said a host of one-time items created an unusual amount of "noise," making it harder to get a fix on the underlying performance of the business.
Now, as a practical matter, the underlying performance can still be good, and I don't know exactly how it is, but the philosophy behind it, it may not be as compelling because that's really what it was.
