Yes there is expenditure to grow the business that is put...

Yes there is expenditure to grow the business that is put through the P&L as expenses but best to describe it that way rather than 'capex' where most investors (whether accountants or not), once they hear that term will look to the cashflow statement. I concur with Axe, the presentation and communication of the results/financials is somewhat lacking and the company has a bad habit of excluding a lot of legitimate, ongoing costs to come up with an underlying EBITDA number. By all means present what you believe to be an underlying number but provide a bridge to explain the exclusions. The earnings presentation did not comment nor provide a slide on cashflow which is poor form. Some of these comments have been previously communicated to the Management/Board.