And what needs to be remembered is that effective earnings are approx $1.8M higher than that stated.
Approx $2.85m amort (Note 3), and $1.05m invested software development (cash flow statement). Realistically, I think it likely they'll need to increase software development as a % revenue - or at least keep pace with revenue growth, however whatever way it's cut the "real" earnings are higher than the NPBT.
Ann: 67% increase in Net Profit to $6.1m and increased Dividend, page-14
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