No surprises. Which given the recent history is actually pleasing (yes, a very low bar).
Only 12% growth from AEIT, which is obviously well down on its previous rates. Perhaps attributable to covid and the dislocation that caused, but I am not all that convinced given everywhere ex-Victoria was back to normal for much of the key selling period in FY21.
The underlying EBITDA is a laughable metric given the capitalisation of software development expenses. Still this remains my largest position as we now sit exactly where we were a year ago - only now at a cheaper market cap, with cash in the bank, two strategic acquisitions both underwater on their scrip consideration, more sales staff and hopefully no more reseller hiccups.
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