Ann: Half Year Accounts, page-24

Haven't had proper time to read this until today.
Agree with the posters above- this was a transitional period and a lot of the growth spend has already been expensed. The fruits of this expenditure are going to come through from the next half.

Fundamentally, you can buy this company with underlying profit moving forward of ~1m at an EV of 10m, which is likely to be growing at >20% as ERP division starts dwarfing TEMS. Agree with others that the 38 new customers is a very big plus (most of the increase in ERP revenue has been without customer growth in the last couple of years) and that is in the context of recent onboarding of sales staff.

Only additional point I noted was that new expense management related products are likely to be released in FY19- showing that there is some innovation going on behind the scenes.

If targets are hit in the next 6 months I expect this to hit ~8c/share, still offers a compelling risk/reward opportunity in my opinion.