Yes I have to say not impressed at all, the PCP I think is a...

Yes I have to say not impressed at all, the PCP I think is a little misleading and please do your own maths but I see this as horrible.

My maths says that the Loop Secure aqusition was 1.5M of the revenue uplift (assume no growth) and Pearson and Claricent was 6M (assume no growth) so underlying growth was from 42.2 to 45.5M [this is based on flat line contribution as the aqusitions do not have a quarterly breakup]. So the growth was 7% so think of growth at about inflation.

Now look at EBITDA Loop added 200K and and Pearson and Claricent 1.4M so 1.6M, so EBITDA went backwards 1.5M from 4.1M to 2.6M .... once again if somebody could check this.

So revenue growth excluding Aqusitions 7% and EBITDA negative growth, plus now they have a large debt to service and 17M of deferred payments !

Am I missing something or are they heading for a crash, and are using aqusitions to make it look like growth while the bottom line is going backwards and now they have 27M of payments they need to make (10M of which is debt and 17M deffered consideration).

I have switched from hold to sell, I won;t dump everything but will derisk a little as I think next quarter results will be horrible. If my thinking is right the PCP will be a lot more accurate as Q3 will include the revenue from the above aqusitions. It will only include 1 month of ALC 600K. So if there growth is below inflation and there cost controls are not stronng I would calculate :

Revenue of 45-47M next quarter and EBITDA of 2.5-3.5M - MY VIEW

if they are really growing then it should be closer to 50M and 5M -- I just don't see it and I think they are using the aqusition train to make it look better then it is.

Once again just my view, and my maths please do your own research