As a previous Sequoia shareholder the revenue numbers look good but real profitability isn't as great as "Operating Profit". For a CEO that loved to quote that he was a fan of Warren Buffett in the past, Gary really seems to love using "bullshit earnings" as Charlie would say. "Operating Profit" = "normalised EBITDA excluding non-operating items" is a real stretch of actual profitability!

My guess of real profitability would be about $3.6m based on operating cash flows then paying tax (net interest and lease payments cancel each other out). Really simple but can't see any other way to get a true read given the Morrisons sale during the year.

The Morrisons sale was fantastic deal by management. Probably the only highlight since I sold out. However, the constant purchasing of tiny businesses over the past few years can't have been easy to continually integrate without disrupting normal business. Just look at the Sharecafe mess... I'll be out till I see a management change....