Thank you for taking the time to provide some guidance. It's...

Thank you for taking the time to provide some guidance. It's much appreciated.
Although I don't hold shares now, I have in the past. I sold when I thought the share price got a little high but consider this an extremely well-run company.

My considerations and my questions emanate for the following tables :


The above numbers are copied from the rows in the annual statutory accounts.


The above presents the expense items in the first table as percentages of the revenue line.
Apart from the "covid" years, the percentages remain fairly constant across the eight years despite the fact that the revenue has almost doubled through that time.
So, they've increased their revenue, in part at least, through acquisitions and introduced the improvements you referred to above, yet they've not enjoyed any efficiency gains through this period according to this graph.
They've improved EPS and dividends across this same period and, I expect, will continue to do so.
I'm well aware of the risks of defining the success or otherwise of a business from numbers alone and consider this business as a successful one despite the apparent static nature of the percentages above but remain curious as to why it's proven difficult to garner some efficiency gains through size, if, in fact, I'm right,