Lots of concerns with this report and a couple of data points...

Lots of concerns with this report and a couple of data points I'd like to validate with anyone here in this forum.

1) Assuming the Tiks revenue (which had an audited revenue of $4.1m in FY21) is included here, the 16% growth on PCP is very very low and without Tiks, we'd be looking at a revenue decline on PCP.

2) New clients - 93 new clients is great, but they are only contributing to $0.9m ARR at some point in the future.That equates to < $1k per month per client. By my calculations, these new clients will be spending approx. 1/4 of what their current base are spending (happy to be corrected here as these are my back-of-the-envelope calcs). So I'm wondering whether they are having to discount heavily to win business, or if they are now having to chase the lower end of town for business. Either explanation rings alarm bells to me.

Whilst they continue to celebrate their acquisitions, I have some serious question about their integration strategy which looks more like a "Strangulation" strategy. i.e. I have yet to see any major wins relating to Tiks product or even their Solo product. I have yet to see any good example of cross-selling resulting from these acquisition? i.e. if they could show me that on average, total spend per client increased following their acquisitions, I'd be a little more optimistic... but as above, spend per client appears to be much lower.

I have yet to see anything over the past 12 months that tells me this stock will recover... DYOR