Ann: Appendix 4E and 2019 Annual Report, page-2

On Quick look - what a beautiful set of numbers:
- clean balance sheet
- 6m cash + positive working capital position of 15m
- training up 20% pcp, given Victoria is growing 100% yoy and accounted for most of the growth I suspect the Vic business is approx 2m in revenue. If growth continues, we could expect a 0.5m contribution to EBITDA from this alone + acquisition, we are looking at 13m EBITDA and FCF of ~8m next FY. So we are looking at extinguishing net debt next year after the dividend has been paid this year and the acquisition paid (ignoring earn outs) and trading at an FCF yield of about 15%, assuming no upside whatsoever from the labour hire business which we know July and August are doing better from Concept and better margin mix from Action.

I still see significant material upside from here- I won’t add anymore as it is already at 10% of my portfolio and is now my 3rd biggest holding (after APT and XRO).