Ann: Q1 FY22 Activities Presentation, page-7

Well EBIDTA is going down, but that’s the challenge of a long-term hold. Rather than short-term moves like acquisitions to please the quarterly shot-clock, the business is cashed up to finance its bold RnD visions.

For those who are interested to hear more about this tension between long term business investment and realising short-term shareholder value, Tim Ferris interviewed Michael Dell on the Tim Ferris Show and I think WSP’s leadership team has a similar stance.