Ann: Full Year Results Investor Presentation, page-17

Agreed.

To suggest that Votiro is a business that will not return the investment made in it is not justified. It has indeed been doing the hard yards and that cost money, no different to any other company in the world.
Their ARR is improving and their bottom line is improving. Some suggestions that it will be insufficient are taking a stab for reasons of just having no faith or wanting to be plain negative.
That is fine to think that, but none of us know exactly what new business will be generated and signed on in the next 10 months.
Albatross? Maybe
But maybe it will also save a company that has struggled for years to advance their encryption business.

Dont like it? Don’t invest - honestly It’s pretty simple. We all think management has been underperforming , the SP proves it. But I just don’t think that anyone can write off Votiro (just yet)