1Q FY16, page-8

Further to my commentary, I think cash position is extremely robust so don't envisage any CR unless they buy big, as cashflows are positive from what I can see.
The international growth is actually first rate as the FY15 results showed 11% of revenues were global, versus 14% 3 months later. At this rate we could be seeing 20% international contribution by the end of FY16. I don't know about you guys but I think this is fairly impressive (I think Emental is buying that's why he is so quiet).
On a more serious note the really impressive bit which has me a little bit salivating is the increased EBITDA margins which were 15.4% in FY15 v 16.5% in 1Q16. This is a strong indication that scaling/bulking up is starting to work (and I have to remind everyone that this is still early days and possibly could be a result of acquisitions) and will possibly translate to bottom line growth if management plays it well.