I think that investors would perform far better if they adopted...

I think that investors would perform far better if they adopted the sort of "business-owner" mindset, as implied in your post, when it comes to evaluating stocks; i.e., not just as squiggles on a chart that might "beat"or "miss"the next 6-monthly EPS number that happens to be expected at the time by the stockbroking community, but as living corporations that generate capital and have that capital deployed in certain ways - sometimes good ways, but most not-so-good.

In that context, your comment of:

"Looking at this, I'm pretty sure that the existing clinics are lucky to be standing still, chances are they are going backwards financially. "

... is quite prescient, I believe, in the context of today's result which looks decidedly like your ominous statement is ringing true.

Because, while PBT for the full-year came in a touch ahead (1%) of FH2018, the first-half was 5% stronger than its pcp, while PBT fort he second-half was 3% lower.

But even that contraction in the second-half included the benefit of almost $1.6m in gains booked, notably:




Stripping those out would have resulted in a PBT number for JH2019 of $3.35m, which is a disconcertingly large 34% reduction on JH2018's $5.06m PBT figure.

There is reference in the result commentary to elevated expenses related to M&A due diligence expenses, but that might explain only a few hundred thousand dollars of the $1.7m drop in PBT over those respective half-years.

The balance of the shortfall looks like the core business is going backwards.

This is the weakest result reported by ONT in many years, in my view, and on a par with the poor result immediately following the government's cancellation of the Chronic Disease Dental Scheme in 2012/13 .

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