Ann: Appendix 4E and 2019 Financial Report, page-11

The revenue growth is indeed positive, but it needs to be seen in the context of the two recent acquisitions.

Regrettably, management refuse to attribute revenue to the three arms of the business (core product / two recent acquisitions). So it’s impossible to tell how much they are growing organically and how much of the growth has been purchased.

I suspect that most of the revenue growth came from the acquisitions, but we’ll never know.One thing is almost certain though, their cash reserves would be much better spent making acquisitions than on their own core product.