Ann: Tesserent acquires Pearson and Claricent, page-20

I have been retired for a few years now and out of the Canberra market, but companies like Accenture couldn’t compete in these specialist areas. There is competition for TNT but what they are building is very good and they can hold their own. Just the Canberra contacts that these two companies will bring in are gold.

I do agree that we are seeing a rotation from high growth, loss making companies to more value companies. TNT need to deliver not just growth by acquisition and also to deliver NPAT. I am happy with what they are doing so far, but it’s early days.

I also held UXC and did very nicely when they were taken over.