Ann: H1 Profit up 130% driven by SaaS ACV up 45%, page-9

Their revenue has also grown by only 5% from $123m to $129m whilst they capitalized R&D of $14m (This was expensed in previous years for T1). This will be depreciated at some point depending on their accounting treatment, but for this half depreciation has actually dropped from $2,335,000 to $1,996,999 so they can't have started depreciating yet

Their operating costs were $86m compared to $94m last year, but if you add the $14m they capitalised they have grown expenses by around 5%. Their net assets have dropped from $77m to $76m.

Other notable items were consulting revenue decreasing from $29.8m to $29.2m

To their credit they do have a comparable reporting summary in their presentation which shows their comparable profit for the half year in 2018 would have been $23.5m and this year was $24.5m so that is only 4% growth on last year.

I don't think anything they have done is illegal, in fact I think they have stepped up to reporting legislation, but this does show lower than expected growth which would explain the share price drop as the market factored in more significant growth.

I applaud those that have made significant money on this company. It will be interesting to see where they go from here and how they can make around $50m in the second half to meet market expectations after making around $25m this half. I wouldn't write them off, but a big ask.