Mark Tobin

Damien Banks the CEO has been diligently turning this company around since his arrival a few years ago. They do return to work programs and occupational health and risk management solutions via 34 offices across Australia. Their customers are big corporates, insurance companies and the public sector. They basically help customers minimize employee injuries, return to work after an injury and critically reduce workers comp costs. They currently have an active buyback in place as they utilize the last of their tax losses. They should be generating franking credits from FY16 as tax losses are fully utilized. This opens up other capital management choices for the board. The company has indicated that is also looking for sensible acquisitions. They have also just had some one off expenses ($425k) related to improving the core offering that won't repeat in FY16 all funded from cash reserves but still increased cash in the last half. With a solid balance sheet, good eps growth, and a strong mgt team that has proven themselves in the last few years. It’s interesting.



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