I'm disappointed that no economies of scale are showing up as...

I'm disappointed that no economies of scale are showing up as improving cash burn.

Revenue is rising, but expenses are rising in lock-step. Are there no fixed costs?

Maybe no fixed costs benefits are showing up because: it's not a single main business scaling up, but acquisitions that are growing the revenue, and maybe the multiple businesses don't have much shared expenses?

They mention things like cross-selling benefits and scale efficiencies, which seems logical, but I don't see evidence of it showing up in the cashflow.



Staff expenses are actually getting worse.


A bit weird. Moving in the wrong direction there. It's not like other operating costs are falling, suggesting that the acquisitions have a staff-focused cost structure, as opposed to input costs like books.

Other expenses are flat (as % of receipts), but staff costs are up.


Staff costs have jumped for 2 quarters. I assume an acquisition, with staff costs jumping immediately after. That's one possible explanation - 2 quarters is not really long enough for synergies to flow through to 'shared expenses / cost reduction' or 'cross-selling revenue/receipts'. So given some time, and no more acquisitions, maybe some synergies can flow through to an improved revenue:expenses ratio.

In any case, the SP is down enough that I'm holding to see what happens.