Ann: Change in substantial holding, page-8

Hi GoSouth
There might be some seasonality in results. eg, the most recent presentation splits pro-forma NPAT in FY2016 4.4 vs 3.6 (1H vs 2H), although revs were almost exactly 50-50 split at 105 v 104. (I'm also unsure - and have not yet checked - if there were acqns in late 2015/16 which might have had disproportionate impact on 16/17.) That said, the three acquisitions announced this year add over $26m in full year revs (based on 2016 revs). So they alone add 125 to revenues in a full year - and roughly one quarter to FY17.

I wonder what they paid for those businesses.? Mgmt say they paid for them out of cash reserves - but that's hard to interpret when they have a lot of short term debt. Any thoughts? I guess we'll know more when the FY results are out.