Ann: Half Year Accounts for period ended 31 December 2021, page-7

would you say $100k profit is the best metric to assess them on? I've always found there's a fair few smoke and mirrors at play with the presentation of their numbers.

Last FY they had operating cashflows of $1.8m. Cash in bank balance of roughly the same year on year ($4.5m) whilst making several decent sized payments for the acquisition costs of Creative Quest and Rapid E-Suite Thailand. They're also expensing around $1m a year to Quicta/Riyo which is generating barely any revenue.

In theory if they mothballed Quicta/Riyo and their related employees and costs you'd see a fairly material lift in the bottom line on just this alone. Presumably they know what they're doing here, and the investment of both cash and resources into this business is going to result in a payoff, but they've yet to see it.

Additionally, they're always geared from a seasonality perspective to a stronger second half. As I posted above, the unearned revenue speaks to this.


all IMO, DYOR etc...