Ann: Appendix 4C - quarterly, page-10

Its an OK business but its problem is the business model is no good.

There is no recurring income streams. The market just has little to no interest in a business relying on once off sales. New products being approved would help a little as they could be sold by the same distribution team but the market will not pay big multiples for a business selling capital equipment. Best case it trades at around market average multiples, that is just reality.

There is a reason there is no research on the company, brokers just see it for what it is and focus on more exciting business models with similar risk profiles but much bigger return profiles. And being exposed to China at the moment is not the best thing re sentiment.