I went to the PGC AGM today. A pretty small crowd with...

I went to the PGC AGM today.
A pretty small crowd with surprisingly few questions asked.
I think the big takeout I left with is that they are aiming to hit $250M revenue by June 2018.
A very strong nose for more acquisitions, when at the right price (5 times earnings).
They are still looking to achieve further bottom line benefit from the 3 large acquisitions completed last year via cross selling of products into the new markets (WA in particular). They have not really got into this yet.
Their warehouse is very impressive. Not much physical movement as we toured around today, but modern and clean and plenty of room to expand. It is under a 15 year lease.
I am not a big fan of the recent Midas acquisition as I see it as a distraction from their main niche, but they said e-health could see more action if it fits, and they did the Midas deal because the software was a clear new technological and cost saving leader in its space. They have only just made the first commercial sale of the software that Midas has developed, therefore safe to assume profits are some way off.
Easy to see the evidence of economies of scale in action with the size of the warehouse (massive).
Interesting that one of the resolutions passed today was lifting the share placement capacity to 25% - perhaps an indication that they are thinking towards the bigger end for future deals? They were keen to make note that recent acquisitions were made using cash flow, or included shares only because the vendor asked for it, but if a big deal comes up, I don't think they will hesitate to use a placement.
A competent, low risk management team I think, who know their space.
Cheers
Gosouth