In the Free Cash Flow statement, in each of the last 2 years...

In the Free Cash Flow statement, in each of the last 2 years they have had $250m in investment cashflow, $100m acquisition and $150 internal (PP&E etc). They have only spend less than $25m on one strategic acquisitions so far this financial year, which looks to be a good one, and maybe the PP&E will also slow down this year.

Im happy with the strategy of using acquisitions to grow, and refocus, but they need to get them right, and they need to make sure they have realistic expectations that they can meet.

I agree with you on debt, they have a dividend policy of 65-75% payout, and it has been at the higher end of that. If they paid out less to shareholders and more off debt, shareholders would probably still benefit from a share price improvement due to less perceived risk. But i think its a deliberate strategy to use debt to grow, and if they dont use debt it will reduce long term growth.

We havent seen the benefits yet, mostly due to the problems with laundry acquisitions last year, hopefully we can see some good outcomes in this mid-year result.