Ann: Half Year Results Announcement, page-7

Was a little nervous prior to results given TBF's decision to sell out last year and lack of recent news but needn't have worried. My target for this year is $20m FCF and GBT may just get there.

Clearing all remaining debt will lead to higher dividends and lower finance costs.

Based on $20m FCF, EV/FCF is less than 15. This is good value given the strength of the business and future growth potential.

My theory is that success in the UK is due largely to GBT's experience of providing super platforms in Australia. It only recently became legal for individuals to manage their own pensions in the UK (SIPPS). Therefore, UK competitors would have needed to build their products from scratch whilst GBT had a near complete solution. Management deserve credit for identifying and exploiting this opportunity.

You can be confident in the quality of the services/products a business offers when it competes on an international scale like GBT.