I believe organic growth is occuring and as time goes on more...

I believe organic growth is occuring and as time goes on more synergies will be realised. With the new structure if TNT being completed we should see this organic growth to continue.

Go look at our biggest compeition CyberCX, they have been doing the same thing, buying as many small cyber security companies to expand their market share.

Australia has had a very fragmented cyber sec. landscape, and the big two TNT and CyberCX are both trying to consolidate and expand this market as quickly qs possible.

This plan with M&A has been explicitly stated by management on numerous occasions.

If TNT doesnt grow via inorganic growth it will be ledt in the dust as a small player in the frowing market of cyber sec.