Ann: Appendix 4E Preliminary Final Report, page-4

I agree Friendlydwarves. Unallocated costs for PGR have been on the increase ever since Colliseum got involved. As the table below shows, if unallocated costs as a % of revenue were the same as they were in 2016, group EBITDA would be about $5m higher. With my optimistic hat on, this is typical of a financial sponsor owner that wants to cut these added costs in the lead up to a sale to show stronger earnings growth (and in the meantime they get to strip more fees out of the company). Time will tell, but I'm still a strong believer they could readily sell these businesses for multiples of the current share price.