Don't be fooled, page-23

I offer the following in response to the comments above.

The following table is in 2 parts:
1. Staff growth from acquisition and organic growth
2. Some financial metrics

   

The staff numbers are approximate only and the best I could do with the available information. They indicate that RXP's staff growth in the early years was almost solely driven by acquisition but in FY16 had a significant component of organic growth. Please note that I believe better assumption for FY16 is to assume a mix of staff growth of 50/50, approximately 155 in each category. This seems to indicate a move from acquisition based growth to a more organic growth strategy. The reduction in numbers in FY17 indicate a planned reduction in headcount.

The financial metrics show a decrease in EBITDA margin in FY15 but an increase in revenue per employee indicating an increase in costs of those employees. Note the trend is maintained in 2016. The metrics in FY17 indicate management's attempts to improve revenue quality.

Taken as a whole the indicates a more dynamic management strategy than is simply indicated by a simple "growth by acquisition" approach.  

By the way; this debate has not only been enjoyable and informative for me it has diverted me from the temptation to buy more RXP shares and they have dropped from 90 cents to, currently, 82 cents - well done me!! I do expect the SP to fall below the placement offer price of 80.5 cents.