Only owned these guys for a little while and, although in front,...

Only owned these guys for a little while and, although in front, they're starting to worry me a little. They've bought out 9 or 10 companies in about the same number of years or less. They see most of their growth through the purchase of competitor businesses and have a huge "intangible" value on their balance sheet as a result. When they have a year (2019) where they don't integrate a new competitor, their revenue and profit stalls. The build up of intangibles and the subsequent amortisation of this intangible over time would seem to me to be an integral part of their business and the key EPS figure should always reflect the amortisation component. The fact that they've used the NPATA figure is less worrying however than the fact that they haven't made that clear.