unless there was a change in strategy. He believed, however, that the company could increase profits by expanding its range of services to customers through providing regular maintenance of water-related assets and other piping services. This, however, would require additional finance and the only realistic way in which it could be raised would be through retained profits. Given the amount of finance required, it would be necessary for dividends to shareholders to be reduced in future years. The chief executive set out two possible scenarios for expansion, both of which required the same initial investment. Each, however, required a different level of investment in future years and each produced a different rate of growth. The following figures relating to e