Ann: Appendix 4C amended, page-6

I understand the current -ve sentiment given the past 18 months we've had, however shifting the sentiment to hold or sell is probably doing so at the wrong time.

I have seen a real change for the better and the Board and Mgt seem to be focused and starting to deliver e.g.

1. Performed a strategic review of the business
2. Executing eps accretive acquisition which are funded out of cashflow
3. Won decent sized contracts
4. Look to be building up their business development team which should build up the sales pipeline
5. Growing the business (top line at least) by 10%+ not even taking into account points 1-4.

Whilst the quarterly was soft, some of the costs relating to the above would have been incurred during the quarter.

I would prefer to wait until the half year results are released and the full year outlook is hopefully provided.

Just because a company isn't releasing updates to please shareholders doesn't mean the business isn't performing (and often it's the other way around eg. GSW).