Ann: Investor Presentation 1H23, page-5

The big drop in rev was in the equity markets division.

SSI in particular was almost $13m below PCP, mostly due to them stopping marketing on a few products (which they believe in hindsight was the right choice). It basically meant SSI delivered $0 GP (I get $0.1m, but that's probably a rounding error).

In a few other areas, they actually improved rather drastically:
- Professional Services: $4.1m revenue (down $400k), but GP increased to $3m (up $200k)
- Equity Markets: Revenue basically halved to $20.6m ($40.8m PCP) but GP was $5.9m (vs $8.5m PCP). That's a GM of 28.6%, vs 20.8% pcp

If you can buy that SSI sales can be turned back on, and they'll get back their ~$2.5m from insurance, this is rather cheap...

In fact, looking at how Morrisson's is taking market share - that may justify the majority of EV in itself.