''Given our aggressive growth targets, M&A [mergers and acquisitions] will form an integral component of our strategy; both our capabilities and capacity need to be deepened in this area.'' A FlexiGroup spokesman would not comment. FlexiGroup is hoping for $138 million in cash net profits by 2020, leaving up to $60 million to be filled by profits gleaned from mergers and acquisitions, the documents showed. The six-year strategy, called ''Flexi 2020'', comes as the ASX200 company's share price continues to trade at low levels. FlexiGroup shares have fallen 7.43 per cent in the past 12 months to close at $3.74 on Monday, compared with the 8 per cent rise in the benchmark S&P/ASX 200 in the past year. The company's anaemic share performance comes despite Mr Robbiati announcing a 20 per cent rise in cash net profit to $39 million during the six months to December.