I didn't buy the PHK story until a few weeks ago when I read their half yearly update and realised they have successfully created a mini-FLC. Eg. Signed on partners in China, opened a production facility in China, signed and commissioned contracts all over the globe and will derive a decent chunk of revenue from recurring maintenance contracts.
They are proof that the decentralised approach works. FLC are doing a similar thing, but on a much grander scale and a more complex set of products.
Remember Eytan Levy said this is a 15 year project....we are only a few years in.
Chart, page-3624
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