Ann: HY18 Results Announcement, page-11

The issue with all roll ups such as IPH is that each of the separate business bought together have unique cultures and processes. The culture issues are the Achilles Heel of Roll ups. Consistent processes can be sorted out with combined working groups etc, etc.
They have taken steps to address this Culture issue by moving 3 groups under the one roof as well as a new start up Role of People and Culture Director. So positive steps are being taken. The new CEO commenced effective from 20th Nov'17.
They are one of the positives from the report.
Asian growth albeit small was a positive. Hopefully the Data and Analytics Software division can grow and move to break even in the next couple of years preferably sooner. Expecting a 2.5 - 3mill EDIBTA this full year. A bit of money has been put into this for development and sales and marketing.
Page 15 of presentation. Key to future growth. " Unparalleled volume of filings to underpin future earnings growth". They then show a couple of graphs.
In the outlook area the focus is on the Integration of the businesses and margins. In Australia growth rates are expected to revert to those of recent years.
Forget about exchange rate issues as they will always be around.
If they can get the culture issues right and the business moving as one then we should see some good improvements in the next year or two. A good culture and reasonably happy workforce will feed directly into margins. There is no reason why this cannot be done over time.