Ann: Half Year Report and Accounts, page-4

good post MarsC. My first impressions too were that the language was a bit defensive, and dwelt too much on the external economic environment. Don't good companies prosper regardless of economic headwinds. They also hammed up the div increase a bit more than was needed/justified. But in terms of cash flows etc, improving efficiency, and playing the long game, ONT are doing ok. It look as though there was a note on the operating expenses (the reduction in which was the big opex reduction - but there was no further information there). Part of the cash flow improvement seems to be a (presumably temporary) tax payment reduction.

I was interested too about their comments about the less aggressive acquisition pursuit by the corporates. I follow Abano (which owns Maven). Abano has its own issues - a takeover by disgruntled shareholders who accuse Abano of paying too much for dental practices esp in Aust. I really like and rate Abano (and I own it) - but the performance of its Aust dentistry business is underwhelming including negative LFLs. Some optimism from ONT and maybe the worst is behind the industry, with players becoming more disciplined ? PSQ report tomorrow too. Might provide some more clues. Regardless, ONT is sticking to its proven strategy, and managing for the long-run including the recent bolt-on acquisitions, optimism for more, and the relocation to better premises. Happy to hold. GLAH