Ann: Half Yearly Report and Accounts, page-3

TH
Got to agree with you that the result was pretty ordinary.

To be honest, if I look at the 2015-2017 YoY increase, it's hard to tell how much is organic vs acquisitions (2016 financial year - helped by acquisitions in Aug2015, 2017 fin year - helped by Midas acquisition), so the 2nd half will definitely be helped by the 3-4 acquisitions done late last year.

The other strategy is that as long as they acquire businesses at ~5-6*EBITDA, it benefits their share price as PGC is trading at ~7*EBITDA.

At some stage the benefits to scale must kick in, but tbh, I'm not necessarily seeing this with the annual purchases.

Was waiting for these results as it always bugged me about this investment, but after these set of results really need to have a think whether it makes sense to hold on