job1:21 the lord gave,the lord hath taken away, page-7

If the Board is interested in the long term equity value of this medical organization it needs to clearly articulate the strategy for future profit growth. Whilst the incumbent CEO helped prevent self combustion and dissolution of the organization, he did not return the business to profit growth. It is profit 'growth', not profit that ultimately will determine the extent to which the share price re rated.

There was nothing in the full year results release on the specific strategies being implemented to increase profit. The underlying earnings for the year were a a real disappointment, where the previously forecast EBITDA of $27m was 'just' met.

A key reason for the change in the doctor partner remuneration model was that it would incentivize them to work harder and more efficiently. The actual revenue performance from doctor partner services was very soft, perhaps less than the competition.

The business operates in three distinct sub sectors: doctor service ophthalmic consultation and surgery, third party surgery fees and vision laser correction. There is no clarity in the releases to market on how Vision is performing in any of these subsectors.

The market will not re rate the stock until this clarity is provided.