Case Investment, page-3

Looking at their case portfolio announcement, there are also 9 + 2 additional cases that are not included in the portfolio. So we would expect growth (500 - 600 million based on the average case size) in the portfolio size next quarter(s), unless an equivalent number of existing cases see a result (lets hope so!).

Whilst I am happy for a period of consolidation, I think that 4 quarters is enough. Over the coming year I would like to see evidence that they are expanding again. Certainly their staff expenses are increasing and their annual report also suggested they are looking at increasing growth in many ways, so it may well be they are beginning a new growth phase.