Ann: Presentation - UK update and proposed acquisition of Smoove, page-43

some extracts from last months article in the sydney morning herald may help to explain the shareprice drop.
Add impatience, risk, 6-7% low risk investment returns on cash & bonds

Sep 12 2023
Sympli, a start-up half-owned by sharemarket operator ASX Ltd, conducted the first electronic conveyancing transaction from an operator other than the $2 billion ASX-listed PEXA

PEXA – allowed for the electronic settlement of property transactions for the first time with land registries more than a decade ago.
It also allowed for the online lodgement of registry instruments and other documents with land registries, such as remortgaging home loans with a different lender.

The prospect of competition was one of the shadows on PEXA’s horizon when it debuted on the ASX with a $3 billion valuation.PEXA’s big selling point was its
monopoly position as the paper-driven property conveyancing industry moved online. But the company was counting on overseas expansion into markets such as the UK to justify the multibillion-dollar valuation for a business that had yet to make a profit, despite generating $218 million revenue for the 2021 financial year.

PEXA generated $283 million of revenue last year with profit margins of more than 50 per cent – mostly in Australia, from the 88 per cent of conveyancing transactions that were conducted online.
It reported a loss of $21.8 million, but this included significant investment in overseas expansion.