And what needs to be remembered is that effective earnings are...

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.