Ann: 2018 Half Year Results Presentation, page-2

Hmmm. Not a great result.

Stripping out the writeback of the earn-out provision, PRe-Tax profit fell 5% on DH16 (which itself was not a very strong base, given that result was 6% down on DH15).

And the outlook is somewhat muted, so even if they matched the first half performance in the current half, at the current share price that places the stock on valuation multiples of 12.0x P/E and 9.0x EV/EBITDA, which don't look attractive enough to me for what this business is, and its pretty limited financial pedigree (albeit that it is a highly cash generative business, but those cash flows fall over time unless the holes are plugged with ongoing acquisitions).