Ann: Half Yearly Report and Accounts, page-6

I doubt if valuations of the other smaller pharmacy software suppliers would be higher now than 2015. They would be in the same boat as Corum or worse off now. The same tough market forces also apply to them. I also doubt if they have the scale of resources to grow or indeed in the near future to meet the demands and opportunities of the emerging integration into the E-health space. Observing the websites and product ranges of these other companies; they haven't changed much for years. At least Corum is investing in new innovative products and levels of service which follows a golden rule for survival in harder times.

Apart from the new product releases foreshadowed I can't see where additional organic growth will come from. Regaining market share without an acquisition or merger will be very tough. Corum's Head Office and Australia wide network of staff (and wage bill) is obviously operating under capacity so any increase in market share in any form will add significantly to the bottom line.

It is a pity that Corum (in Cosmos days) opted out of the wider retail POS systems. At one stage their systems were used by some of the major supermarket chains. The pharmacy dispensary/POS systems and maintenance are far more complex and attract higher pricing but applicable to a very limited market (only about 6000 retail and hospital pharmacies).