News: GXL Greencross Sees FY2018 Underlying EBITDA Between $97 Mln And $100 Mln, page-41

Thank you! It is always helpful to hear from the more experienced investors on this forum.

The debt headroom isn't described as a change in the announcement, and checking the H1 report, the numbers seem to be in line. GXL's standalone clinic acquisitions have been slowing just based on the last reports - they were focussing on increasing in-store clinics.

This seems to be the right move to me. I was always attracted to this on the integrated one-stop model, and I don't think my investment justification has changed in that regard.

I guess this shows people investing in a company often have different expectations - so some people have been severely disappointed by this update.

Wintervet (or anyone else), do you understand the underlying EBITDA changes - particularly the $4 million relating to software and $1.8 million to 'other items' (of which $600k per year seems to be a regular but rest a one off)?