Ann: Media release, page-3

It's another impeccably clean result, and I can find little fault with the accounting quality.

But the most important thing to note, i think, is the underlying organic growth in the core business (excluding the growth contribution from acquisitions).

While no specific mention was made in the notes to the accounts of the contribution in the year from BOH Dental (acquired in May, 2014), recall that the annual EBITDA run-rate of this business was cited at the time of its acquisition to be circa $1.2m.

So stripping this figure out of FY2015's reported EBITDA of $12.1m, leaves $10.9m, which is still some 13% higher than FY2015.

And if you run this rate of EBITDA growth through a financial model for ONT, the operating leverage characteristics of the P&L result in NPAT growth of some 17%.

So, while NPAT growth for FY2015 was 32%, it is worth noting that more than half of that was organically-driven, and just a little under half was derived from acquisitions.

As a shareholder, I think that sort of mix is eminently sensible and manageable.