Their definition of normalised EBITDA now includes opportunity...

Their definition of normalised EBITDA now includes opportunity cost? This result is quite appalling imo.

You can either a) believe the story management are selling - that they are 3-5 years ahead of domestic competition in the new IT space ( ie justifying the high rate of new invested capital that has shown no return) or b) draw a conclusion from the deteriorating finances of this business.

Lets look at b) - i will leave Geoff Lewis to sell you on a)

1) Normalised EBITDA ( by any sound rational definition) was down 17% on the pcp to 23.2m
2) In the last 12 months NIBD (net interest bearing debt) has increased from 16.7m to 34.7m
3) Debt will rise significantly post September as 16.6m of Deferred Vendor liabilities need to be settled - and/or shareholders will be diluted through issued new shares to settle this liability.
4) NTA = 0
5) Even after significant acquisitions ASG continues to invest more in PPE, software and intellectual property than it produces in OCF
6) The return on incremental capital invested is negative.

I am out today with a caital loss, i believe this stock is heading lower as the fundamental business is deteriorating.