Interview Transcript

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How do you think about owning shares, personally?

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I’m not bothered. I’m not overly concerned about what salary I earn. It might be a bit farcical to say it, but my job is to create value added for the shareholders. I don’t think a lot of CEOs think like that; they think it’s their business. If I can’t use the cash generated wisely, I have to give it back to the shareholders, in the way of dividends or something else. It’s not my business. I own a small percentage of it but, at the end of the day, I report to them; that’s my job in life.

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If money doesn’t motivate you, what really does motivate you?

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Working. At the end of the day, myself and all the management teams have created a wonderful business. That is why I am here today, because people are interested in what we have created. There were a couple of models we looked; one was Halma, in the early days, and then there was Judges, and I know David Cicurel reasonably well. We talk and have a cup of tea occasionally. It’s just fun; I like working. I’ve been involved in turnarounds as a finance director, for many years, and this is the first role I’ve had as a CEO and I’m enjoying it.

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Are there any unit economical differences between sensors and controls and imaging, in terms of recurring revenue or the visibility of revenue?

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Repeat business wise, it may be easier to go through some of the subs. If you look at Atik Cameras, that is capital expenditure; Synoptics is capital expenditure. If you look at Graticules, that is repeat business; what we are doing is chemical etching. We are etching onto a microscope slide or something like that. You are doing chemical etching onto a substrate, using sulfuric acid and cyanide. Then you go through sensors and controls and you have Astles Control Systems; they make dosing equipment. 50% of their revenue used to be service, so it’s quite high, and also selling sensors, within that. Sentek is sensors and that is repeat business.

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