Ann: Isentia AGM Chairman and CEO Addresses, page-36

@thunderhead1,

That ISD's top line is still not stable should not come as any great surprise, I don't think.

But calling a revenue base was never part of the investment thesis I had for ISD.

My decision to buy shares in the business always hinged around the company's strong free cash flows repairing the balance sheet; and the ensuing combined impact of:

1. "re-equitising" of the EV, and
2. increased valuation ratings to reflect the reducing financial risk of the company.

With my sense that the full-year result having mostly delivered on those two valuation dynamics, I ceased being a shareholder.