Ann: 2016 Financial Year Results-PEH.AX, page-4

Couldn't agree more. That's the stage of business they are at. Fairly steady for the last few years which enabled profits but now spending money on growth. The spending always comes before the sales and even then it takes months to collect on the cash on the sales. So the fact they had positive cash-flow is pretty good during that period.

It their overseas push fails then they can always go back to being a profitable consulting firm. If it succeeds then you'd expect the financial rewards to begin in 12-24 months. That's of course too long to wait for many short-term focused shareholders.

That's my opinion. Have been wrong before! DYOR.