Ann: FY2019 Final Results Announcement, page-2

A bizarre result which has revenue going backwards and very little profit growth. The biggest factor in the higher profit is less distribution expenses which although it shows an improvement in efficiency doesn't show any improvement in demand. They have significant cash and looking at their research and development explanation does not fill me with confidence, it just seems business as usual in an environment that needs a step change as technology is dramatically changing. They need to invest more in their product or else this revenue decrease will not be a one off. I have spoken to a number of their customers who are looking at true cloud solutions such as document management solutions that sit on Microsoft Sharepoint with document management add-ins. It is cheaper, meets compliance regulations and fits more seamlessly with the core systems these organisations use. The revenue is proof to me that this is occurring in more circumstances than I have heard and they are not getting many new name customers. They need to be bold, invest a bit more, maybe capitalise some R&D so that it doesn't hit P&L when there could be long term benefits to their investment.