Horizon has had seven consecutive periods of earnings growth and continues to meet market expectation. The group is a strongly profitable, cash generative group with sustainable competitive advantages and significant operational leverage opportunities.

My expectation is the general trend of the next few quarters is for profit growth rates to come down, and it will start by having companies send out that message.

What's been driving the valuation has been an expectation of really strong applications revenue growth. At this valuation, we were expecting at least 57 percent application revenue growth, but we got only 42 percent.

Our expectation is that house price growth will remain firmly in low single digits in 2006 as the economy recovers.

[The year] 2005 represents a period of significant strategic and financial progress for the group. During the year, we delivered on our strategy of building additional partnerships with leading global IT vendors in our target markets, through a combination of acquisition and organic development. These recent business developments provide Horizon with a solid foundation to sustain medium-term growth and broaden our relationships with major IT vendors.

I really stumbled into this. When I started at this college, I had no expectation of necessarily doing any consulting. But the first call came a month after coming to college.