Ann: Trading Update-COO.AX, page-3

The organic growth story promoted over recent years is not happening. I can understand the tough environment in the pharmacy sector for Corum so growth is very tough to find. However truly disappointed in their payments services division. I have seen new entrepreneurial players coming into the market over recent times in areas where Corum should have got a piece of the action. For example many schools are now using a USA based company to manage payment of school fees and charge approximately 1% fee for each credit card payment.

Now the argument for acquisition of a quality new entrepreneurial business to drive growth is stronger than ever and perhaps some additional management talent with it.