Ann: Market Update - May 2021, page-17

The risk from me was integrating the 13 companies they bought over the last 2 years and I was pleasantly surprised to hear that 8 of the 13 were already integrated and 10 of the 13 will be integrated by June 2021.

The challenge with growth by acquisition is integrating systems, processes, people and culture: ST1 seems to be doing a good job.

I'm surprised Mr Market isn't re-rating the share price to match, it's Ok: accumulating around these levels.

DYOR but I'm pretty confident this company will outperform its peers and the market over the next 3-5 years and patient holders will be rewarded.