TNT Chart, page-5018

When I strip out the Aquisition revenue I get organic growth at a rate of CPI at best, I did these numbers in Jan and have not recut for the latest quarter. You are right they call out the 30/70% profit mix and if this quarter smashes the EBIT (or EBITDA if consistent rations but need the full financials to work this out) I will be a little cautious what they depreciate incase they are just moving operating costs around by clever accounting. Growth was slightly ahead of the forecast I provided in this forum in January of 45-47 which was if they were really just doing CPI, but well short of the 50M which was my happy trigger.

I was also against there recent acquisition at the time as I thought it was off target, but I think I was wrong on that one as with the recent DSR and continued issues in corporates maybe training and certification can be big business.. It is not true core but smart side/adjacent play that is not really affected by poor management in their other tech related businesses.

In Summary my view is unchanged it has more downside then upside which I have been consistent since 12c, if they achieve there target profit excluding the possible Daltry writeoff then I will get back in as I do believe in the market.. and in theory they have the scale ... my outstanding question is do they have the management smarts ! However if it gets to the low 4s without new news I will get back in