Ann: Isentia H1 FY19 Results and Strategy Presentation, page-66

The biggest problem I have with this report is in the presentation.

Starting on page 22 where they talk about the old and the new. If the old is where they are now and previous investment and development hasn't paid off then they are a long way behind the technology curve. On page 23 they say they have mapped out the tech plan - well that is good but WTF were previous management doing if this wasn't already in place. The motherhood statements on page 24 are all nice but the real concern is on page 25 where they talk about developing an efficient operating model on a single platform. To me this indicates that there is a lot of 'smoke and mirrors' behind the scenes. That instead of world leading technology there is a lot of human intervention. 

What this company seems to have is a customer base - which is valuable - and a whole lot of competitors with technology that I expect is built from the ground up coming to take those customers away from them. I still have ISD as a hold and will hang in there hoping to see them implement the developments they have highlighted see some better results next report - but I suspect that a TO is a better option.

Jack