Ann: Investor Presentation - Dec 2014 Half Year Accounts, page-2

Well nothing unusual and all in the frame as we thought. Some big comments I think support the view that this company is making progress:

EBITDA of $1.6m, up 282% over the prior period.

Forecast total for the year EBITDA $3.5m to $4 m for year That would get us to around a 3c EPS if you take it mid point in the range. That 50% up on 2014. The share is thus trading around a 15PE. Thats a bit low given the current rate of growth so expecting a PE of between 17 and 22 would put the price between 51c and 66c.

So yes I am surprised that the share dropped 1c but at the same time really happy with result.

It will get noticed and at some point it will be up there.

What is really good - Lack of any surprises.

Thats a huge change in this share and its seems to be getting critical mass.

Good points regarding integration of acquisitions as well.

"The first six months of trading have tracked well and in line with company expectations"

" A number of key revenue opportunities have been secured for delivery for the second half of FY15 "

"Scanmedics has had an immediate impact to the Group with strategies currently being implemented to leverage the product platform Paragon offers the sector"

"Final stages of integrating all businesses on our SAP Business-One platform"

"The company continues to review and assess complimentary acquisition opportunities to further enhance the product offering to its customers and deliver on its strategic plan"

All good solid comments and certainly different to the past. They just have to be patient and wait opportunities will evolve. Dont case an acquisition , they have been very disciplined in acquisitions and what they have paid. Keep that Up.
Then the integration of systems - they are doing a great job there - It was one of my major concerns. It actually yielded working capital savings. SAP is stunning if its implemented correctly but often its not - I get the impression they they are getting this aspect of acquisitions down to a tee.

You only have to look elsewhere like HIL to see how things can go wrong and these guys deserve a pat on the back for doing it smoothly and getting the most out of the integration.

I am happy and looking forward to the dividend fully franked.!