The only thing certain about the future is that it's uncertain. As we complete one of the strangest company reporting seasons we have ever seen, investors should reflect on the company profit announcements to see what they can learn about what may lie ahead.

Matt Williams, portfolio manager at Airlie Funds Management, says that while overall profits were down 20 per cent compared to the previous year, the dire predictions in late March proved to be too bearish and there are now more profit upgrades than downgrades.