Full year Results, page-17

You're quite correct, thanks.

The combination accounting in note 31 to the 2014 annual report states that, if all acquisitions done in FY14 (i.e. BDO and one other) had occurred on 1 July 2013, ONT would've made PBT of $9.542m. In that $9.542m PBT was a net total of $208k favorable non-operating adjustments as per note 34 (primarily gains on asset sales and derecognition of contingent consideration), so the PBT baseline net of those favorable adjustments was $9.542m - $208k = $9.334m. Stripping out net interest revenue (.36 - .004) and D&A (1.95+.328), i get to an operating EBITDA baseline for FY14 of 9.334-.36+.004+1.95+.328 = $11.256m.

In FY16, ONT earned $10.859m PBT. Per note 34, there was $344k unfavorable non-operating adjustments in that (predominantly loss on sale of NCAs). So the PBT net of those unfavorable adjustments was $10.859 + $.344 = $11.203m. If i strip out net interest revenue (.229 - .098) and D&A (1.728 + .461), i get to an operating EBITDA of 11.203-.229+.098+1.728+.461 = $13.261m.

So, adjusting for the impact of acquisitions ONT did in late FY14, their baseline operating EBITDA was ~$11.3m. They sold two practices in FY15, and bought one practice for $1m on 28 April 2016, so it's safe to assume it made almost no contribution to FY16's results. Yet they produced an operating EBITDA of ~$13.3m.

That looks like pretty solid organic growth to me, especially given the mining downturn was at its fiercest through FY15-16.