For the latest half, their 'underlying' ebit was around $9m....

For the latest half, their 'underlying' ebit was around $9m. After some restructuring charges, ebit was around $1.5m - $2m from memory.

And they still need to pay tax and any interest on this. So it depends if these restructuring are one-off or regulars. I don't trust them!!

So my point is that the profit ebit doesn't have a lot of margin for the competitive space this business is in. They are trying to evolve but the competition is always there pushing margins down. One false step, such as a dodgy acquisition, then it's 'back to the future'.