@SteveSageNow that MSL owns SwiftPos every terminal and Server installed onsite has their software included. The software is not just POS software, it branches into such things as Business Analytics, stock control, "ät-table ordering", advertising terminals throughout a venue. The design structure is that hardware and software run hand in hand - often the contract will be funded across a long term payment to ensure ongoing business tie in with the customer.
Value of a new contract, such as AAMI, is the initial sale of hardware but the point you refer to "not understanding/following the recurring revenue" relates to the core business model that allows revenue to be paid on a monthly direct debit basis. The numbers therefore have not altered over the years as the base of monthly revenue is very high - made up of POS interactions, Stadia and Golf. The purchase several years ago of a major debiting player in the golf business brought a significant opportunity to MSL. As clients come and go the base recurring revenue is fairly consistent - that is the area that we need to see continue to grow. With automated payment comes the ability to reduce overheads (which they have been doing over the past two years). Care needs to be taken to not reduce overheads to the detriment of 'support" to the client however.
I am sure you are all over this and I speak with no authority. Just my humble opinion
