Looks the goods, page-14

James - Not sure where any competition will come from as this area is dominated by only three suppliers - Corum (LOTS approx 43%), Pharmacy Guild (Fred approx 45%) Ebos/Symbion (Minfos approx 14%). Most pharmacies have used their systems for many years and are very reluctant to go through an upheaval to change suppliers. The only time you might get a pharmacy changing js following an ownership change with a refit or relocation. I would imagine market shares have not changed much over the last 10 years. So it would be very difficult to see a new competitor come in except by acquisition (which is a possibility)

Growth has come through product enhancements and integration of dispensary, POS/Back Office, accounting systems and connectivity with doctors (E-Script), suppliers and government agencies. As E-Health and Cloud connectivity expand further opportunities for pharmacy Corum and other operators will be part of this growth space.

I expect over the next few years we may see merger and acquisition activity in the E-Health IT space as operators operating in specialised areas (e.g. medical practice,hospital, paramedical, government agencies etc) seek E-Health integration and efficiency and growth. The ownership and structure of the the operators makes Corum the most probable target for acquisition but with Lujeta Pty Ltd (Bill Patterson's Investment company (the founder of Worley Parson) holding a controlling interest that won't be an easy proposition for any preditor. Since Lujeta took control and put in new directors and management it has been all on the up and with further cash accumulation and the backing of someone as influential as Patterson I think it more likely to see Corum successfully finding a suitable acquisition to drive growth.