Moving on from this unpleasantness, I was thinking about how...

Moving on from this unpleasantness, I was thinking about how Shine's organic growth might be assessed. i.e. how can we look at Shine's ability to expand it's business without simply purchasing case books / other firms.   There are a few factors limiting our ability to assess the impact of acquisitions on performance.
* There is no reported breakdown of cashflow or revenue by subsidiary
* Acquisitions are made partway through the year so their impact on that year's performance is hard to accurately determine

Imperfect though it might be the only real way to assess this with the data we have is by looking at change in WIP and excluding the purchased WIP in the year it was purchased (they are included in following years) - then comparing to prior year.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1		2018	2017	2016	2015	2014	2013
2	Current WIP[/B]	160,245	123,705	101,287	91,913	73,123	88,886
3	Non-Current WIP	96,792	102,629	101,700	98,745	63,792	27,397
4	Total WIP (Inc. acquisitions)	257,037	226,334	202,987	190,658	136,915	116,283
5	Aquired WIP
6	Claims consolidated		n/a
7	Risk Worldwide NZ		5,017
8	Best Wilson Buckley			306
9	Emanate				2,001
10	Browne and Klein				11,439
11	Sciacca				7,723
12	Bradley Bayly				7,518
13	Shannon Donaldson						1,115
14	Ron Kramer etc.						3,837
15	Irena Penchanats						1,076
16	Total Aquired WIP		5,017	306	28,681		6,028
17	Total WIP (Ex acquisitions)	257,037	221,317	202,681	161,977	136,915	110,255
18	WIP Growth (Inc. Acquisitions)	14%	12%	6%	39%	18%
19	Organic WIP Growth	14%	9%	6%	18%	18%

As you can see there is steady growth in work being done that cannot be attributed to acquisition - therefore we can demonstrate that the business is organically growing. Note that these numbers (by themselves) do not imply that the additional work is more or less profitable than it was before, or that Shine will see all of this money - it only shows that more work is being done and that this work is increasing organically at a fair clip.