Ann: Half Year Accounts for period ended 31 December 2021, page-5

Interesting take again Cayman. You're somewhat wide of the mark on most of your points.

When you actually look at exec salaries there's not much there to fit your narrative, nor IMO is it egregious for 6-7 executives to take home on average $140k-$200k.  You really do get what you pay for and the market dictates pay grades to an extent. Additionally, I haven't seen many well run companies where exec members would work for much less than that.

2021 1,066,653
2020 1,243,699
2019 1,241,279
2018 1,025,622


Overall there has been a massive overall headcount increase, as outlined in the HY ^48%. I've loosely followed this over course of last year and posted here on it a few times. IMO most of the job adverts took place in Q4 last year, with the bulk being based in the Philippines. I'd expect some lag as you incur the cost up front and will likely see revenue flow from that in the second half of this year as the new staff get trained up. The recent commentary unearned income would suggest the second half is shaping up nicely.


" At 31 December 2021, Jcurve held cash reserves of $4.5m. During 1HY2022 Jcurve paid S$300,000 as the completion payment for the business and assets of Rapid e-Suite Thailand. The 1HY2022 cash outflow and increased level of unearned income over the period reflects the seasonality of the Jcurve business and the increased timeline to complete projects as the mix of larger projects sold continues to grow. The record level of unearned income at $4.1m is expected to strongly flow into statutory profit in 2HY2022 as open projects are delivered."

Once again I think you're off the mark on the profitability of each segment. Recent acquisitions incl Quicta (Riyo), JCS Asia and even Creative quest offered up very little to the bottom line, in fact they're all still costing JCS. It has been the core business and TEMs which are profitable. Again with JCS Asia in expansion mode, I'd still expect costs to outrun revenue, but they look to be growing at a decent clip this year.

For me Quicta is still the big question mark. Revenue has been slow, whilst seemingly the costs continue to pile on. Hoping this Quicta 'Zero Touch' meets the mark, or it could've been an expensive foray into this area with little gained. But from the videos I've seen, I still like the product and think it could have its uses in the overall package JCS offers its clients.

Overall I'd have to say I'm actually pretty happy with where things are. In my view the time to have been justifiably angry was about 12-24mths back when things were crabbing sideways. Here we're seeing all important metrics track higher, upbeat commentary, and  the business growing whilst still maintaining a healthy cash balance. With the way things are going from a macro/global perspective we're starting to see rising inflation and interest rates compounded by logistical issues, geopolitical instability (ie Ukraine) and all in an environment of what has been a challenging 24mths through the global pandemic. With that noted I wouldn't be surprised to see some well priced M&A opportunities present themselves.

IMO, JCS's future looks as bright as it has in a very long time, I'd say at least 5years.


GLTA holders.
IMO DYOR etc....