I agree normalised earnings were $5.8m, with $3.5m in the second...

I agree normalised earnings were $5.8m, with $3.5m in the second half.

One point which may particularly interest JID is that included in the other revenue line in the accounts (page 34) is $645k revenue from an unlisted company. The name of the company is not disclosed but my bet is it is PharmX http://www.pharmx.com.au/gateway/about.aspx. This company which is partly owned by Corum set up & operates an "industry wide ordering gateway" between pharmacies & suppliers - see link for details.

Now the point is, revenue from this company has been increasing steadily every 6 months from nothing early 2010 to $120k 12/10, $198k 6/11, $293k 12/11 & $352k 6/12. It has more than doubled in the past year.

It still isn't a really significant amount but if the current rate of growth continues that will change. In addition the value of the investment in this unlisted company is included in the balance sheet at cost of only $30k. The question is how much is this investment really worth?