Ann: Appendix 4C - quarterly, page-13

I agree, all the fundamentals seem to be in place with the new offices, but growth on both top and bottom line numbers has been surprisingly sluggish.

The ARR/User chart looks very impressive, but it seems most of that growth came last year: ARR was $2.8M on 31 March, 6 months later it's at $2.9M. Similarly cash inflows and net cash hasn't really been trending up all that much: While the last quarter was strong, the 6 months to Q1 2020 were actually behind p.c.p.

I'm optimistic for the next year, but I was expecting better in the latest quarter.