Well if they miss guidance then you can start a smear campaign i guess but they just reiterated it. The organic growth isnt from dillution, previous growth was lol, i dont think its relevant when talking about how theyre growing this year.
To my understanding ~27m was their arr from both IWS (5.5m)and PYG (~21m) to end 2021 FY, now theyre pushing to ~36m arr. No dillution is occuring after 27m arr. I think their 35% is close enough to accurate in both raw numbers (i'd be more than content with 30%) and that they state it is organic. I actually did agree with you and sold out when i thought growth was inorganic but theres too much in their favour now. Organic growth, Mark Samlal is the major shareholder so dillution should be for good reason at least in his eyes, and from memory the last business he helped grow had a very successful takeover in this space.
Share price will not always marry up to whats going on, its literally the reason we invest right, so we find something being undervalued by the market and eventually make some money. Frustrating sure, but its not fair to say the company is doing poorly because the share price isnt where you think it should be
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