You're right.
It is not the first time I notice that with their results.
The operating leverage does not seem as strong as we could expect for this kind of business.
Quite interesting to have a look at their slide 10 for more explanations.
A lot of cost increases seem directly linked to the growth of their business.
Their main cost : compensation and benefits increased by 51 % (vs + 53 % for revenues) due to a 25 % for the number of employees, as well as sales commissions.
Ann: Appendix 4D and Half-Year Report, page-33
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