chart, page-180

Was checking this group out for myself and thought I would throw my two bob in.

The problem with their half year report is that it shows that while the company is acquiring new business this isn't improving its EDITDA. The two most recent purchases show a positive EBIT on their own but MBEs EBITDA went backwards. No point in just acquiring revenue if you cant improve your bottom line.

This says to me that they are bleeding profit at the MBE level.

They should be getting some economies of scale from these purchases and it is not showing through.

There are costs associated with acquiring businesses that aren't part of what one would consider normal business expenses, this can impact on profitability.

The next quarterly should show if this is a one off or a more fundamental issue with the business.

Definitely worth throwing on to my watch list.