Ann: ITL brings on Specialist Small Cap Funds Manager, page-7

I recently reviewed ITD's progress since 2010 (when founder Bill Mobbs returned to the helm). Other than hiccups (and legitimate one-off costs incurred) in recent years re moving manufacturing facilities company performance has been pretty good.

If you look at the period prior to the move, investing cash flows were pretty skinny so I'm hoping FCF conversion will return to pre 2014 levels once everything is bedded in.

I'm also hoping ITD stays focused and doesn't increase its product range to the extent that it carries unprofitable lines. Similarly, looking for discipline re myhealthtest - this should be shelved if it doesn't keep hitting progress checkpoints.

Overall though, expanding manufacturing capacity was definitely the right thing to do (we are seeing the benefits now with sales expansion), shutting down the SEAsia capital equipment business was a good call (although the original acquisitions were questionable) and myhealthtest is definitely worth pursuing based on market potential and progress to date.

The share buyback program has historically probably been a bit aggressive for my liking given current debt levels but these are still fairly comfortable.