Ann: Half Year Financial Report , page-3

I don't know about that. References are against 1HY12 and when compared to 2HY12 the results look quite flat (still reasonable but not bullish).
Am concerned that net debt did not go as I expected and whilst Xmas can play havoc with collections I don't think that quite explains it.
Having said that they are now seem completely free of earn out payments so fcf can be allocated 100% to net debt or dividends.
Just have to point out that the knockers of this Company who complained about the acquisitions of a few years ago take note, as most of the growth and profitability of this result comes from acquired companies (Swan, OMS, OMSJV, and even ATIVO picked up a few smaller acquisitions).

Anyway all up a solid result and a good foundation for the next few years. A LT buy for me.