I saw it and the fact that they had them outperforming their...

I saw it and the fact that they had them outperforming their expectations by around 4.3% Mine is much higher and I don't know how they got their figures - Once again I think they projected their figures assuming the deals settled at end of September - If I do that i get very close to their figures.

They did concede that NPAT was around 11.5% better than forecast.

Something strange is that they used the tag "normalised" and I dont think the figures are as they made no adjustments to the actual results to cover the period they did not own the 3 businesses.

Once again the words used in my opinion are not correct. Normalised to me is to take out the abnormal - the abnormal is its a half year where the major portion of the business were not there for the full 6 months.

The next thing - they are surprised that the EBITDA margin is still 12% in spite of potential margin erosion from weaker AUD. I am not surprised as I think that the loss on hedging was only just over $240K. I think that the EBITDA margin should stay at 12% and when the synergies flow through I expect it to take care of the exchange risk.

We must be saving a packet with combining ScanMedics and Medtronics sales and admin teams. I think there will be more synergies and overall economies that we are yet to see.

This result has made me far more confident about the business. I think it is a very well put together group and MS has done an outstanding job to date.