Ann: Strong momentum leading into FY18, page-14

I choose to stay in IAB because I can't get out without taking a big hit lol. I agree that IAB is a potential turnaround. When it listed the business was substantially a wholesaler of fixed line services (50% of revenues). Obviously it is challenging to grow when half the business is in decline. Today the ratio is much better (33%) but there is still a drag.

There are lots of moving parts so FY2018 forecasts are tricky. HCS was a significant contributor to EBITDA in 2017 and it looks like Hostworks will miss the $3m EBITDA target given it was not reaffirmed in the preso. I expect they will continue to develop new products, buy customer bases from wholesale customers and invest in enablement so investing cash outflows might be quite high again. At this stage I just want to see contribution and EBITDA improve.