A Business with a future, page-103

To me, it looks like FY16 went well so was profitable, then FY17 had a small fall in revenue and a small rise in expenses, so profit crashed to negative. I suspect they'll only get back to profit if revenue starts to rise again (it may have done so in recent quarters, I'm not sure, since I was mainly looking at the annual report. I'm not in a rush to buy just yet.).

I'll be watching the projects count to see whether FY18 was higher than FY17, since FY17 was actually lower than FY16. It was like 2.6m down to 2.4m, then we'll see what happened this year.

Also they mentioned Escrow.com expenses (legal and one-off) hurting FY17 profit.

They said employee count was down, so in that regard, they were managing expenses to make sure the loss wasn't larger.