Ann: Half Yearly Report and Accounts December 2015, page-5

A great post Wini and I agree with you on all fronts. My main concern is the cash flow, particularly the increase in inventory, however at this stage i still like the business and it appears over sold given strong revenue and growth, which is hard to come by in this market, particularly at such low multiples. I think we need to watch the cash flow conversion in the next half year and would be looking for better conversion of profits to cash. Watch and wait and I will consider whether worth acquiring on current weakness which appears unjustified as long as future cash flow conversion is evident.