Revenue picked up in the December Q and M&A activity saw TPS’s direct monitored lines grow by over 50% to ~8,200 connections. TPS is evaluating additional funding options to maintain the acquisition strategy that should result in operational and financial benefits as utilisation increases. We maintain a Speculative Buy call on a valuation of $0.26 (lower than the prior $0.28 largely due to the increased net debt position).
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