Had an in depth look from when Apiam listed to now, they have underperformed. Revenue is about right but ebitda margin is poor. From what I gathered in the prospectus the ebitda margin should be in excess of 10%. It forecasted 9 to 9.4%. Well down where it should be.
A lot of other costs as well upgrading platforms, systems etc etc. From the recent presentation looks like infrastructure and IT is coming into place and we should hopefully see costs stabililizing. FY 2019 should be the one to watch whether or not they deliver on what they can.
The last 2 years have basically been just building their base.
Ann: Exclusive Distribution Agreement with Plumbline, page-12
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