Ann: Trading Update, page-124

Same price level when APX announced Figure 8 acquisition to make it a leader in this niche market. APX had a crappy year by its own standards a crappy 25% revenue growth but needs more as margins are not top tier so needs more revenue. Having said that NPAT and EPS will spike as FY 2019 was all about integrating Figure 8 and China expansion and that level of capex won't be on FY 20 results. I will be surprised if Capex is greater than $3M as opposed to $15M FY19 that's where NPAT will get a spike. APX will eventually be a human to technology company and has the balance sheet to make another Figure 8 type acquisition. FCF is growing 50% y-o-y. Might take another 2-3 years but a major acquisition id in the offing won' t have to wait too much longer.