Ann: Q1 FY22 Appendix 4C and Commentary, page-21

I think its pretty simple why the business is valued where it is actually and am not sure if your comments are simply trolling or are genuine. The stockmarket is forward looking thus its value is based on the future revenue and profit expectations people have for the business. If you read the latest 4C you would see that the company provided a trading update that annualised revenue is expected to meet or exceed 119m and revenue 109m for this financial year. This is substantially higher than the 40-50m figure you are quoting.



Unlike some other small cap tech businesses, BTH has managed to combine good organic growth along with well timed acquisitions to speed up scale. Obviously at a certain point you will want to see the business leverage that growing scale and swing to profit but for me I am not investing in this business for the short term and as such I am happy to continue to contribute additional capital to the business to fund their growth in the near term so long as they continue to execute on the growth strategy.