Some quick initial thoughts following the discussion with CEO Martin Filz today (recording will be on Meetings page soon).

First off, I thought he was very candid. It wasn't on his watch, but he didn't hold back on the early days as a listed company and the poor acquisition and capital management. The recapitalisation of the business saw a LOT of new shares issued (now over 1 billion on issue, compared with around 162m a couple years ago) -- but it's a much leaner and stronger business today. Moreover, it's one with a keen eye towards capital management and cash flow.

Bear in mind that this also makes the share price chart deceptive. Shares were trading at 20c in mid-2017, compared to 4.5c today. BUT, in terms of market capitalisation (shares on issue x share price) the business is today worth $45m vs $30 in 2017.

I was also very impressed by his focus on customer and employee satisfaction. As a people business, this is important, and the promoter scores certainly reflect the efforts made here. I wont over-egg that particular pudding, but I feel he's right to ensure his team are motivated and valued.

This was also the first time I can remember a CEO detailing the major competitors by name and revenue. PureProfile is #6 in a US$62b industry, with the number one player having around US$600m in revenue. There's a lot of opportunity for them if they execute well.

The move offshore seems to be being prosecuted with a great deal of discipline. Very small upfront costs, with cash flow breakeven targeted within 2 months of landing. It was also very interesting to hear that the way they looked to gain a foothold was to focus on a particular niche in a new geography, rather than trying to be all things to all people. I think that's very smart.

Martin's comments on the threat from big tech were also illuminating. Increasing awareness re privacy and changing regulations are headwinds for the likes of Facebook, but good tailwinds for a business like PureProfile.

After i ended the recording, Martin made some very interesting comments regarding their shareholder base and how he looks at the share price. (i wish i had kept the recording going!). Essentially though, he is more interested in cultivating the right shareholder base that share the long term vision, and not about courting those after a quick profit. I wish more CEOs had that attitude. He felt a higher price would make bolt on acquisitions easier, but other than that it wasn't too important as they weren't likely to need cash anytime soon.

We ran out of time, but I wanted to ask Martin about the nature of the industry. I suspect it's reasonably cyclical and their customers could and would cut their spend during tough times. There's a good deal of customer and geographic diversity, which will help, but it's something to watch out for.

Finally, they are on a revenue run rate of $45m -- that's 1x sales. And the business is on a 10% EBITDA margin and CF positive. Revenues are currently growing at around 40%pa.

Thanks for suggesting the company @GazD