Ann: Hansen Technologies Investor Presentation, page-22

HSN re-rated on their flat outlook statement I think.

Yes, they delivered everything they said they would (always do!) but the market was expecting and pricing in more growth. The way the stock was bid up yesterday showed plenty of traders were punting on a surprise.

I sold most of my holding at 3.70. Has been a nice long term hold from sub $1.

Growth through acquisition has worked well for HSN but fortuitously they made these when FX rates were far more favourable. There may not be that many bargains (in AUD terms) out there anymore.

I listened in on the call this morning. Lower margins caused by the call centre business. They seemed to have little interest in this side of the business and have no plans on investing/growing it. Its appears to be the ugly step child that came with the PPL marriage.

In recent times $3.60-3.70 has provided the support. It may now provide the resistance.