looking good, page-5

When i read through the Chair and CEO report as part of last years AR, i noted Nash never mentioned a focus on productivity or business efficency.

They seem overly focused on acquisition, and margins have deteriorated partly as a consequence.

Revenue growth is important but not to the detriment of profit margin. The last three FY NPM has reduced from 2.9 to 2%, this has eroded the 22% revenue gain in fy11. A period of consolidation and focus on higher margins would significantly increase eps.

Cash flow is excellent and well managed, though i am picking OCF will be flat or negative this hy after the influx of receipts last hy.