report, page-7

robrob

I agree generally with your points, at least that is the story that management are outlaying to shareholders.

You are certainly correct IMO that what will propel the SP forward is new Managed Service contract wins - this was what drove the price higher in the past with a large number of contract wins from Jan-August 2010(which continue to unberpin our Revenue.

The current result was flat when you strip out the 1.279m Deferred Consideration Adjustment. Generally the acquisitions with the exception of Progress Pacific haven't performed to expectation.

What the market wants to see is stronger organic growth, which would give the story more credibility. I am patient regarding the 100m+ contracts as big fish take time.

I suspect the market really wants to see some solid gains from the acquisitions that were sold to the market as building blocks to round out the service offering.

I would also like to see focus post settling the Earnouts on reducing debt and strengthening the balance sheet.