All eyes on Partners. So suggest hold for the eventual...

All eyes on Partners. So suggest hold for the eventual bailout.

Strong growth is a simple shift in accounting between underlying and reported numbers. Striping out loss of bowel cancer screening contract which has been a stable for over 20 years, taking out impact of Dorevitch Pathology salary Fairwork increases, divestment of Healthscope QLD pathology business are in reality underlying. You start to smell something where every half prior year comparatives are restated lower.

Its very easy to interchange between underlying and non underlying business to suit your audience.

All you really need to look at is forced to borrow $70m last half to pay rent and dividend which was cut by 40% half on half. Where did the $250m in capital raised go? $100m Montserrat? Every 6 months there is another round of restructuring and non recurring costs of around $50m. Conceding Medical Centre by CEO built his reputation on Medical Centre is pretty clear indication. Selling the Medical Centre will dilute results for up to 2 years and in turn buys current management and board another 2 years. Things could change in 2 years for the better, but the indicator of the future is the past.