Ann: Half Yearly Report and Accounts , page-7

The Integrated Value acquisition concerns me. In the ann on 1st October, majority of the consideration is dependent on performance targets and there's talk of 450-500k EBIT in 2013/14. Yet in the HY accounts, the consideration is no longer contingent and profit figures are absorbed into the group. Since it cost $10m, I hope the contribution is significant.

Also, don't like the way that they refer to having no debt yet there's 14m of deferred consideration sitting on the balance sheet.