Ann: Trading Update, page-58

I don't think anybody really should be analysing SDI based on the aggregate financials. I think you need to break the results down into Amalgam and Non Amalgam as best you can. The Amalgam segment is worth very little, and will become sub economic in the near future IMO. Maybe you can value the Amalgam at $5m just to make something up. The significant value is in the rest of the business, where you have revenue growth continuing - even if it has slowed down, (and some lottery tickets in new products).

Based on my numbers - non amalgam SA revenues from Hy15 to now have been 19.4, 22.2, 22.8, 26, 24.1, 27, 24.9 f/c.

BTW - I'd love to see SDI come up with a low cost composite (amalgam replacement) for developing countries, or maybe even boost scale of production and cost efficiencies and take an educated and carefully planned punt on it in the near future. I think there is a lot a niche player can achieve while the big players protect their market.

I visited SDI two decades ago as a sales rep selling rheometers. I certainly didn't have a negative impression, but for some reason my memories are confused with Ego pharmaceuticals, otherwise I would tell you what they were like way back then.