Ann: FY2018 Investor Presentation, page-7

@madanglighthouse,
You clearly know the company and the sector well going by your insightful posts. The fact that the company occupies a niche sector of government business would limit their reach. Despite offices in the USA and such they don't seem to have much overseas business other than a Scottish client. It gives me the feel that expanding their market will be quite challenging (the flip side of niche specialization).

On finances, one small segment (Connect) showed high growth FY17-FY18 (p 25) and their main segment retreated marginally. If just one contract makes for a difference of good vs no growth I would call this lumpy enough to be a risky investment although overall it is a defensive kind of business. Year-on-year growth over the last six years (p 4) has averaged a CAGR of 10%, which although good, doesn't merit the high valuation of the share price at a P/E of 35X and a yield of 1.8%. In short, while the price is high, growth is a concern. It would be good to read your perspectives on this.